Saraki: DFID proposes 54 Nigeria's existing laws

A team of consultants under the auspices of the Department for International Development (DFID) has proposed that 54 of Nigeria’s existing laws whether it will be amended or repealed if makes progress in Nigeria quest to attract investors and become good business partners.

The experts spoke while presenting the 168 page report titled “Comprehensive Review of the Institutional Regulatory, Legislative and Associated Instruments Affecting Businesses in Nigeria” to the Senate President, Dr Abubakar Bukola Saraki and his colleagues in both chambers of the National Assembly.

This is as Saraki said the present economic challenge which the country is experiencing presents an opportunity for the leaders to show competency, courage and loyalty.

The Senate President said Nigeria should use the present economic situation to set the stage for a post-oil era in which the private sector will steer the ship of the economy while government provides an suitable environment.

“The National Assembly through our legislative agenda seized on the moment to chart a new course for the nation’s economy. The legislative agenda we have adopted  is one framed largely around good governance, accountability, opening up of the economy for greater investment, ease of doing business and security of lives and property”, Saraki said.

He added that the 8th National Assembly would give priority to the amendment of obsolete laws and since some of the affected laws require constitutional amendment, the planned process would be expedited to ensure that all stakeholders concerned make the changes occur as soon as possible.

Saraki also said the collaboration with the private sectors, development partners, professional groups like the Nigeria Bar Association (NBA) as well as the academia in the on-going process to review laws affecting doing business will give birth to a new business environment that will boost the economy, solve the problem of unemployment, curb social vices and restore our national values and pride.

He stressed that the Senate and the House of Representatives are on the same page with President Muhammed Buhari’s policy on diversification of economy, “Our President has laid out a vision to fully diversify the economy beyond oil and has been committed to the actualization f the project.

“The overarching objective of the agenda targets private sector investment and business development as a major plank of the plan. This is because of our belief in the ingenuity, creativity, entrepreneurship of our people and that in order to create jobs, give our people better opportunities, the private sector remains our best option." Saraki said.


Source: Vangard