By On Wednesday, Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, underscored the urgent need to update outdated laws and regulations that hinder the smooth operation of public institutions essential for facilitating business activities. Speaking at a public hearing on five Bills organized by the House Committee on Commerce, chaired by Hon. Ahmed Munir, Abbas emphasized the critical role these proposed laws could play in revitalizing the nation’s economic landscape.
The public hearing addressed Bills for the establishment of the Chartered Institute of Co-operators and Social Enterprise Management, Institute of Debt Recovery Practitioners of Nigeria, Agro Processing Export Free Zone, Integrated Corporate Data Management Commission, and the Institute of Chartered Corporate and Business Affairs Management of Nigeria. Abbas highlighted that these Bills are pivotal in fostering growth, innovation, and sustainability across various sectors of the economy.
“The economic landscape of our country is facing significant challenges, exacerbated by outdated laws and regulations that hinder the smooth operation of public institutions responsible for facilitating business activities,” Abbas stated. “These obstacles have created barriers to entry for entrepreneurs and investors, stifling innovation and growth in key sectors of our economy.”
Abbas pointed out the absence of professional bodies to oversee and regulate crucial sectors such as debt recovery, cooperative enterprises, social entrepreneurship, agro-processing export, corporate data management, and corporate affairs management. He stressed that without proper oversight and regulation, these sectors remain vulnerable to exploitation and malpractice, which could have far-reaching consequences on the economy.
The establishment of these proposed institutions, Abbas explained, represents a proactive approach towards enhancing professionalism, efficiency, and accountability. “These institutions will not only provide much-needed oversight but also set standards, ethics, and best practices in their respective fields,” he noted.
Specifically, Abbas highlighted the potential impact of these institutions:
- Chartered Institute of Co-operators and Social Enterprise Management: Promotes cooperative enterprises and social entrepreneurship for inclusive economic development.
- Institute of Debt Recovery Practitioners of Nigeria: Streamlines debt recovery processes, ensures fair practices, and safeguards interests of creditors and debtors.
- Agro-Processing Export Free Zone: Boosts agricultural productivity, facilitates international trade, and creates employment in rural areas.
- Integrated Corporate Data Management Commission: Enhances transparency, data accuracy, and regulatory compliance across corporate entities.
- Institute of Chartered Corporate and Business Affairs Management of Nigeria: Promotes professional excellence in corporate governance practices.
Hon. Ahmed Munir, chair of the House Committee on Commerce, assured collaboration with other arms of government to expedite the passage of these Bills into law. He urged stakeholders to provide valuable input to assist the parliament in crafting laws that positively impact the wellbeing of all Nigerians. Munir reiterated the Committee’s commitment to making informed use of all opinions and suggestions to drive legislative progress.
“The House of Representatives, 10th Assembly – the People’s Parliament – is committed to its mandate of making laws for the betterment of our constituents who reposed so much trust in us by electing us into this Parliament for effective representation,” Munir stated. “The House Committee on Commerce is working tirelessly to ensure a change in the narrative for the lives of the citizens.”
Munir concluded by calling on all participants to contribute with their best interests in mind, aiming to join hands in making legislative history.
