ANALYZING THE IMPACT OF THE INNOVATIVE PROVISIONS OF CAMA 2020 ON THE GROWTH AND DEVELOPMENT OF BUSINESS IN NIGERIA

Abstract

The Companies and Allied Matters Act 2020 is considered to be the most significant reform of Nigeria’s company law in over 30 years. It introduces a range of new provisions and amendments to existing laws, with the aim of modernizing and simplifying the regulation of businesses in Nigeria. Using a doctrinal research methodology, this paper examined the key innovations of the CAMA 2020 and the potential impact the innovations could have on the Nigerian business sector. The paper found the innovations have the potential to have a significant impact on the Nigerian business sector, making it more attractive for foreign investors. However, the success of the new law will depend on addressing a number of challenges, including a lack of awareness and understanding of the new law, inadequate resources and concerns about privacy and data protection. These challenges could be overcome through a number of measures, including promoting awareness and understanding of the new law, through training programs, workshops and other educational initiatives. Coordination and collaboration between the key government’s agencies involved in the implementation of the CAMA 2020 to ensure successful implementation.