APPRAISAL OF THE INNOVATIVE PROVISIONS OF THE BUSINESS FACILITATION ACT 2023 IN THE LIGHT OF NATIONAL POLICY ON EASE OF DOING BUSINESS IN NIGERIA

Abstract

Business activities in Nigeria, which has the largest economy in Africa, have been impeded by bureaucratic red tape, ambiguous legal requirements, and inefficient administrative procedures.1 Such barriers have been a continuous problem. To address the various obstacles faced by businesses in Nigeria and to effectively implement regulatory and administrative reforms, the Federal Government of Nigeria has enacted the Business Facilitation (Miscellaneous Provisions) Act (BFA) 2023. The Business Facilitation Act 2023, a notable development in creating a favourable business climate, was officially signed into law by President Muhammadu Buhari on 14 February 2023.2 The BFA 2023 is in line with the National Policy on Ease of Doing Business in Nigeria, which has been a key part of economic reforms to improve the regulatory environment, reduce bureaucracy, and create a more business-friendly climate.3 It introduces various innovative provisions to simplify regulatory processes, increase transparency, and improve efficiency. This paper therefore aims at evaluating the provisions of the Business Facilitation Act 2023 and analyses their compatibility with the National Policy on Ease of Doing Business in Nigeria. It further analyzes the key amendments and regulatory changes introduced by the Act. The paper will also show the lessons and reflections on potential impacts on the business ecosystem in Nigeria, with a focus on reducing administrative hurdles, fostering economic development, and enhancing the overall ease of doing business. The researchers adopted the doctrinal methodology with analytical approach. The BFA 2023 is a major milestone in improving the business environment in Nigeria. The Act addresses critical challenges faced by businesses by introducing innovative provisions such as the one-stop shop policy and enhanced dispute resolution. Collaboration among stakeholders, including government agencies, businesses, and civil society, is crucial to ensure the Act effectively creates a favourable business environment in Nigeria.