From Ndubuisi Orji, Abuja
The Speaker of the House of Representatives, Tajudeen Abbas, has said outdated laws and regulations were hindering the operations of public institutions responsible for business facilitation.
Abbas, who stated this, yesterday, at a public hearing on five bills, organised by the House Committee on Commerce, said obsolete laws were creating barriers for entrepreneurs.
He noted that the bills, which are seeking to establish 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, will help to foster innovation in 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“The economic landscape of our country is facing significant challenges, exacerbated by outdated laws and regulations that hinder the smooth operation of public institutions responsible for facilitating business activities. 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. “