In today’s announcement, PEBEC, which is comprised of key federal ministries, disclosed that it would introduce an RIA framework as one of its strategic objectives for the year 2025 in the hope of enhancing the business environment in Nigeria. Laying out the broad strategy for improving Nigeria’s business environment, the announcement was made by the PEBEC secretariat project manager Aimeya Okpebholo.
The new RIA Framework is intended to be professional system that can be used to perform a complex analysis of possible impacts of some regulatory measures for businesses as for the economy as a whole. “This framework is a game changer for Nigeria’s business environment,” Okpebholo said adding that the initiative will go a long way in bringing transparency and back the regulators’ decisions with facts and figures.
Sustained by the ongoing reform programs under the Buhari-led federal administration, PEBEC’s 2025 vision holds the Omnibus Bill 2.0 as key to transforming this Business law landscape in Nigeria.” On the national level, the council plans to develop Ease of Doing Business Councils across the 36 states and the Federal Capital Territory to entrench reform across all subnational regions in Nigeria.
The council is also seeking justice and legal system changes to enhance the delivery of justice. The areas of emphasis encompass improvements to insolvency regulations, digitalization of Small Claims Courts DS, and Instituting Commercial Courts. These measures are intended to afford the commercial enterprises the legal remedies within a reasonable time as well as enhance investors’ confidence.
Based on the innovation strategy of PEBEC, MDAs are focused on implementing the advancement of digital solutions. Hear such as the reportgov.ng portal type was established to enhance compliance, reduce rent-seeking and other social vices, and optimize government processes for effectiveness.
Modularised and set up in July 2016, with VP Kashim Shettima as chairman, PEBEC has 24 members from different formations and tiers of the government. This is in line with the renewed hope of President Bola Tinubu where the eight-point agenda seeks to improve Nigeria’s business climate.
In a bid to achieve the objectives outlined above, PEBEC plans to implement these broadband reforms to increase investors’ retention and evolve new opportunities for sustainable growth alongside changing the perception of doing business in the country and making Nigeria more attractive for domestic and international investors.
