The ease of doing business ranking places nations according to how favourable and straightforward their regulatory environments are to company operations, including how well their governments safeguard investors’ and citizens’ rights to property, amongst other factors. In Nigeria, some of the factors that influence Nigeria’s business environment include economic policies, government regulations and security, amongst other things.

The Business Facilitation (Miscellaneous Provisions) Act 2022, otherwise known as “the Omnibus Act” (“the Act”) was recently passed to ensure that Nigeria is friendly to business operations by easing regulatory requirements and guaranteeing openness, efficiency, and productivity, which will, in turn, promote economic growth.

The Act, which is the legislative brainchild of the Presidential Enabling Business Environment Council was approved by the Senate in December 2022, and signed into law by the President, Muhammadu Buhari in February 2023, as part of the Federal Government’s initiatives to foster an enabling business environment for micro, small, and medium-sized enterprises (MSMEs) in Nigeria.

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