The pro-business, Attractive Investment Environment Bill, was yesterday passed by the Senate.
The passage of the repeal and re-enactment of the Companies and Allied Matters Act (CAMA), is perhaps the biggest business reform bill in the country in over 28 years.
The passage of the Bill, heralds a new dawn for Small and Medium Enterprises (SME) development in Nigeria, as the country will now join a select group of countries with attractive investment environments.
Senate President, Abubakar Bukola Saraki, who spoke about the Bill, noted that the passage of CAMA was a significant milestone in the 8th Senate’s legislative agenda.
Saraki said, “With the passage of CAMA, which is by far the biggest and one of the most far-reaching legislation 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 law. This bill that we have just passed will show the audacity that we have to move Nigerian businesses into a new era of success and development.”
If signed into law, the new Bill will help to make country’s business environment as competitive as its counterparts around the world.
It also “allow business owners to register their businesses in a faster and more efficient way by using technology; removes all the unnecessary regulatory provisions , such as the requirement for ‘annual general meetings’ and ‘company secretaries’; and reduces the minimum share capital for all companies and start-ups in Nigeria — which will encourage more investments and create new jobs.”