In the past 2 years, the Nigerian economy has suffered from significant slump in the price of oil on the international market and an economic recession. The Nigerian government has come to the realisation that “business as usual” is no longer tenable. A methodical approach merged with an aggressive measure had to be put in place to put the Nigerian economy back on the road to recovery.
This report tells the story so far of the work of NASSBER. The principal aim of NASSBER is to prioritise the enactment and amendment of legislation in order to reduce unnecessary bureaucracy and costs which can stifle the growth of local businesses. For the first time, legislators from both houses of the National Assembly have sat down with representatives of private sector businesses to work out the legal framework needed to create a supportive business environment.
Over the last 18 months, NASSBER has used its unique position to enable collaborative solutions between the National Assembly, the civil society and the organised private sector to carry-out and build consensus in the process of the reform of the Nigerian Business Environment by broadening participation, engagement and the quality of output to our lawmaking. It has created an inclusive platform to foster increased consultation and dialogue on critical economic legislation. During this period, we have seen the enactment of several key pieces of legislation, including; Secured Transaction in Moveable Assets (STMA) Act, the Credit Reporting Act and the Electronic Transactions Act, amongst others. Its achievements in a relatively short time show the powerful benefits that can be realised when government, business and other stakeholders work together in a collaborative framework.