Reps to overhaul obsolete legislations impeding revenue-generation institutions

Speaker of the House of Representatives, Hon. Tajudeen Abbas, on Wednesday, unveiled plans to amend outdated laws and regulations hindering the smooth operation of public institutions responsible for facilitating business activities.

Hon. Abbas gave the assurance during the public hearing on the Bills seeking 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 “Institute of Chartered Corporate and Business Affairs Management of Nigeria”, organised by the House Committee on Commerce chaired by Hon Ahmed Munir.

The Speaker lamented that obsolete legislations have exacerbated the economic landscape of the country which is facing significant challenges, however averred that the proposed bills are pivotal in fostering growth, innovation, and sustainability in various sectors of our economy and have the potential to shape the future of our nation’s economic and business landscape.

“The economic landscape of our country is facing significant challenges, exacerbated by outdated laws and regulations that hinder the smooth operation of public institutions responsible for facilitating business activities.

“These obstacles have created barriers to entry for entrepreneurs and investors, stifling innovation and growth in key sectors of our economy.

“One of the pressing issues we face is the absence of professional bodies to oversee and regulate important sectors such as debt recovery practitioners, co-operators, social entrepreneurs, agro-processing exporters, corporate data management, and corporate affairs management. Without proper oversight and regulation, these sectors are vulnerable to exploitation and malpractice, which can have far-reaching consequences on our economy.

“The establishment of these proposed institutions, therefore, signifies a proactive approach towards enhancing professionalism, efficiency, and accountability within these key sectors of our economy. These institutions will not only provide much-needed oversight but also set standards, ethics, and best practices in their respective fields. By creating specialised bodies such as the Chartered Institute of Co-operators and Social Enterprise Management, we aim to promote cooperative enterprises and social entrepreneurship as viable means for inclusive economic development.

“Similarly, the Institute of Debt Recovery Practitioners of Nigeria will play a critical role in streamlining debt recovery processes, ensuring fair practices, and safeguarding the interests of both creditors and debtors. This initiative aligns with our commitment to fostering a conducive business environment built on trust and integrity.

“Furthermore, the Agro-Processing Export Free Zone holds immense potential for boosting agricultural productivity, facilitating international trade, and creating employment opportunities in rural areas. This strategic move underscores our dedication to harnessing the agricultural sector’s full potential for sustainable growth and food security.

“The establishment of the Integrated Corporate Data Management Commission is a significant step towards enhancing transparency, data accuracy, and regulatory compliance across corporate entities. By centralizing corporate data management functions under a unified framework, we aim to streamline processes, reduce redundancies, and enhance decision-making within the business ecosystem.

“Lastly, the creation of the Institute of Chartered Corporate and Business Affairs Management of Nigeria underscores our commitment to promoting professional excellence in corporate governance practices. This institution will serve as a hub for capacity building, knowledge sharing, and best practices dissemination among corporate professionals across various industries,” he said.

In his remarks, Chairman, House Committee on Commerce, Hon. Ahmed Munir, reiterated the House’s resolve to collaborate with other arms of government to expedite the bill’s passage into law.

He urged stakeholders to make valid input that would assist the parliament in making people-oriented laws that would positively impact the well-being of all Nigerians.

Hon. Miunir assured of the Committee’s readiness to make good use of all the opinions and suggestions.

“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.

“The House Committee on Commerce being one of the Standing Committees of this Assembly is working tirelessly in ensuring that there is a change of narrative in the lives of the citizens.

“Every democratic dispensation is guided by laws/acts which helps in the smooth running of the government thereby setting the rules to follow to ensure that citizens benefit maximally all that the government has in stock for them. Today, let us make contributions with our best interests in mind. Let us join hands together and make history,” he said.