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Nigeria's Speaker Pledges Repeal of Outdated Laws to Boost Business Reforms
🇳🇬 Nigeria /Elections & Politics

Nigeria's Speaker Pledges Repeal of Outdated Laws to Boost Business Reforms

From Premium Times · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

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  • Nigerian House Speaker Abbas Tajudeen pledged to repeal outdated laws hindering business and introduce reforms to boost the country's competitiveness.
  • The National Assembly will focus on regulatory certainty, reducing business costs, and improving access to finance, while strengthening oversight of economic reform agencies.
  • The Speaker acknowledged business leaders' concerns about high borrowing costs, forex volatility, and insecurity, stating that recent federal economic reforms, though difficult, are necessary for macroeconomic stability.

Nigerian House Speaker Abbas Tajudeen has pledged legislative action to repeal outdated laws and enact reforms aimed at making Nigeria's business environment more competitive. Speaking at the Legislative Business Breakfast on Thursday, Tajudeen stated the National Assembly's commitment to providing regulatory certainty, reducing the cost of doing business, and expanding access to finance.

We will repeal the obsolete laws that frustrate enterprise and legislate to support local manufacturing, agriculture, and our readiness for the continental market.

— Abbas TajudeenThe Speaker of the House of Representatives stated the National Assembly's commitment to legislative changes supporting businesses.

"We will repeal the obsolete laws that frustrate enterprise and legislate to support local manufacturing, agriculture, and our readiness for the continental market," Tajudeen declared. He promised greater legislative predictability for investors, ensuring that laws affecting business will be stable, transparent, and created with input from stakeholders to prevent unforeseen regulatory changes.

Laws affecting business will be stable, transparent, and created with your input so that no investor is ever ambushed by a rule they could not foresee.

— Abbas TajudeenThe Speaker promised greater legislative predictability for investors.

The Speaker acknowledged significant challenges faced by the private sector, including high borrowing costs, foreign-exchange volatility, multiple taxation, unreliable electricity, insecurity, and policy uncertainty. "These are not idle complaints. They are the honest testimony of the men and women who create our jobs, and this House has heard them," he said, recognizing these issues as critical barriers to economic growth.

These are not idle complaints. They are the honest testimony of the men and women who create our jobs, and this House has heard them.

— Abbas TajudeenThe Speaker acknowledged concerns raised by business leaders regarding economic challenges.

Tajudeen defended recent federal economic reforms, admitting they have caused short-term hardship but asserting their necessity for restoring macroeconomic stability. He highlighted legislative support for these reforms, including tax laws, the Electricity Act, and the Investments and Securities Act. To foster ongoing dialogue, he proposed a permanent National Assembly and Business Executive Roundtable to meet biannually, encouraging active participation from business leaders in public hearings.

The decisions this country took… were long avoided but could no longer be postponed. They have been hard, and I will not pretend otherwise.

— Abbas TajudeenThe Speaker defended recent federal economic reforms as necessary despite short-term hardship.
DistantNews Editorial

Originally published by Premium Times in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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