Insights, Business Advisory, Company Set-up and Regulatory Compliance

A Review of the Business Facilitation Act, 2022

Nigeria is a populous country with abundant natural resources, despite this, it has witnessed an exodus of international companies in the last few years. Nigeria is currently ranked 131 out of 190 economies in the World Bank ease of doing business index. This ranking is based on the friendliness of a country’s regulatory environment towards business operations. The success and growth of places like Stockholm, Delaware, and the Cayman Islands are linked to well-developed corporate infrastructures that support business operations and management. This rating shows a need to revamp Nigeria’s regulatory climate.

The Business Facilitation Act? (BFA) is a miscellaneous provision that was enacted to simplify business-related laws and streamline processes in government agencies. As a catch-all law, the BFA amends and modifies provisions in twenty-one existing laws. Our review focuses on the digitization of Ministries, Departments, and Agencies (MDAs), and thirteen (13) business-related laws, by highlighting the impact of the changes on Nigeria’s regulatory and business landscape…

 

 

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