An Overview Of The Business Facilitation Act 2023
The Business Facilitation (Miscellaneous Provision) Act, 2023 (the "Act") was signed into law on 14 February 2023 to enhance the ease of doing business in Nigeria. This article examines key provisions and consequential amendments introduced by the Act and comments as appropriate.
Provisions relating to Ministries, Departments, and Agencies of the Federal Government (MDAs)
Part of the objective of the Act is to institutionalise all the reforms to ease implementation. Hence, the Act directs MDAs to, within 21 days from the commencement of the Act, publish a complete list of requirements, including timelines and fees, to obtain products and services on their website and customer help desk (the "List").
The failure of an MDA to communicate approval or rejection of an application within the timeline published in the List shall be deemed approved. MDAs are also mandated to have a service level agreement that shall provide information contained in the List as well as a summary of the application procedure, redress mechanisms, and other necessary requirements.
Further, the Acts amends certain existing laws (consequential amendments) with the aim of furthering its purpose. Some of these consequential amendments include:
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