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CBN RESTATES COMMITMENTTO BOOST LIQUIDITY IN FOREIGNEXCHANGE MARKET – LIFTS BANON 43 ITEMS

On the 10th February, 2023, the then President of the Federal Republic of Nigeria, Muhammadu Buhari, GCFR, signed into law the Business Facilitation (Miscellaneous Provisions) Bill 2022 into law. Commendably, the Business Facilitation (Miscellaneous Provisions) Act of 2023 (the Act or BFA) forms part of the government’s concerted efforts, through the Presidential Enabling Business Environment Council (PEBEC) to improve the ease of doing business in Nigeria and consequently the growth of local businesses and foreign direct investments (FDIs).

The objective of the Act is simply to promote the ease of doing business in Nigeria and eliminate the bottlenecks commonly associated with same. In achieving this goal, the Act essentially codifies the Executive Order 001 of 2017 (E01) on transparency and efficiency in service delivery aimed at strengthening the ease of doing business across the country with focus on Ministries, Departments and Agencies of the Federal Government (MDAs). The Act also amended about 21exisitng legislations to cause a widespread effect of institutional reforms aimed at creating a more efficient and attractive business and investment climate in Nigeria.