Review of Business Facilitation Act 2023

The Presidential Enabling Business Environment Council (PEBEC), in line with its mandate and consultation and collaboration with the relevant stakeholders, drafted the Business Facilitation(Miscellaneous) Bill (the “Bill”), which was presented as an Executive Bill. The law aims to make the country a good place for micro, small, and medium-sized businesses (MSMEs).

On the 13th of February, 2023, President Muhammadu Buhari signed (assented) the first Business Facilitation Bill into law. The Bill, which is now known as the Business Facilitation(Miscellaneous) Act 2023 (the “Act" or “BFA”), contains 21 business-related laws that have now been amended while removing bureaucratic constraints to doing business in Nigeria. The Act has now institutionalised all the reforms put in place by PEBEC since its establishment to ease implementation.