Dr. Okechukwu Enelamah, Minister of Industry, Trade and Investment, on Thursday charged the National Assembly to review some of the existing business laws to create a suitable environment for investments in the country.
Speaking before the House of Representatives for the ongoing “Sectoral Debate” on strategies for the diversification of the nation’s economy, Enelamah said that legislative intervention was crucial to guarantee ease of doing business in the country.
According to him, the Companies and Allied Matters Act (CAMA), Railway Corporation and Nigeria Postal Acts require an overhaul, to align them with realities of the 21st century as well as global best practices.
“When passed, these pieces of legislation will improve access to funding for small businesses and allow investment in infrastructure. It is only by reviewing these laws that we will be able to guarantee the much-needed private investments in this sector.”
Enelemah elaborated that Nigeria would expand its scope of infrastructure which is crucial in guaranteeing an enabling environment for business.
“By infrastructure, we mean not only the hardware infrastructure like transport networks and reliable power supply. It also includes transparent regulation, policy consistency, the rule of law and a culture of efficient collaboration and synergy among various government agencies. “ Enelemah said.
