By Modupe Gbadeyanka
A bill to strengthen ease of doing business in Nigeria was on Tuesday passed by the Senate and when eventually signed into law, it will help to make business environment in the country as competitive as it is in other countries.
The bill, Companies and Allied Matters Act (CAMA) 2004 (repeal and re-enactment) Bill 2018, was passed after a clause-by-clause consideration and a voice vote on the report submitted by the Committee on Trade and Investments.
A member of the committee, Mr Yusuf Yusuf, who presented the report at the plenary on Tuesday, explained that the bill will “allow business owners to register their businesses in a faster and more efficient way, using technology.
“It will further remove unnecessary regulatory provisions such as reducing the minimum share capital for all companies and start-ups in Nigeria, thereby encouraging more investments and create new jobs.
“CAMA will also create Limited Liability Partnership, which is a new form of legal identity for businesses in Nigeria that is targeted at increasing foreign investment in the country.
“Equally, Nigerians will be able to register their businesses from anywhere in the country through the e-registration system.”
Senate President, Mr Bukola Saraki, while commenting on the bill, stated that, “The passage of CAMA is by far the biggest and one of the most far-reaching legislations ever passed in any legislature in our country.
“We have now put in place a regulatory framework to promote the ease of doing business and reduce regulatory hurdles.
“This is a pro-business bill as it will show the audacity that we have to move Nigerian businesses into a new era of success and development.”
Adedapo Adesanya