BUSINESS FACILITATION ACT (OMNIBUS)

What Is This Policy?

The Business Facilitation Act (Omnibus Act) was enacted in February 2023 to make business operations in Nigeria easier, faster, and more transparent by amending 21 existing laws.

Who Does It Target?

The Omnibus Act targets MSMEs, investors, regulatory agencies, financial institutions, trade/export businesses, and the technology sector.

What Does It Aim to Achieve?

It aims to make business easier, faster, and cheaper in Nigeria by simplifying processes, improving regulatory efficiency, supporting MSMEs, boosting investor confidence, and promoting competitiveness.

Key Features

Codification of Executive Order 001 (E01): Requires government agencies to publish service timelines and adhere to them. Support for MSMEs: Reduces costs and bureaucratic hurdles for small businesses. Intellectual Property Modernization: Amends Patents, Designs, and Trade Marks Acts to simplify registration and encourage innovation.

Current Status

Rollout Stage: active in its implementation stage Coverage: applies nationwide Beneficiaries to Date: Investors (local & foreign), Regulatory Agencies, Trade & Export Businesses. Funding: Federal Government.

How to Access

Federal Government Gazette The Act was published in the Official Gazette No. 32, Lagos – 17 February 2023. Copies can be obtained from the Federal Government Printer, Lagos. This is the most authoritative source, containing the full text of the law. WIPO Lex (World Intellectual Property Organization) Hosts the full text of the Act in PDF format. Useful for accessing provisions related to intellectual property (Patents, Designs, Trademarks).

Important Terms

Term 1-Ease of Doing Business (EoDB): Refers to reforms aimed at simplifying business processes, reducing bureaucracy, and improving Nigeria’s ranking in the World Bank’s Ease of Doing Business Index. Term 2- Investor Protections: Strengthened through amendments to the Investment and Securities Act and NIPC Act, making Nigeria more attractive to local and foreign investors.

Official Resources

Federal Government Gazette The Act was published in the Extraordinary Official Gazette No. 32, Lagos – 17 February 2023 (Vol. 110). Contains the full text of the Act, including objectives, transparency requirements, service level agreements, and consequential amendments. WIPO Lex (World Intellectual Property Organization) Hosts the full text of the Act in PDF format. Covers provisions relating to intellectual property laws (Patents, Designs, Trademarks). Provides the latest version as of February 2023, when the Act commenced.

Legal Framework

The Business Facilitation (Miscellaneous Provisions) Act 2023 (Omnibus Act) derives authority from the National Assembly's powers under the 1999 Constitution to amend statutes. It amended 21 laws including the Companies and Allied Matters Act 2020, the Nigerian Investment Promotion Commission Act, the Banks and Other Financial Institutions Act 2020, and the Insurance Act. It aligns with the World Bank Ease of Doing Business indicators and UNCTAD's Investment Policy Review framework for Nigeria.