Improved Business Environment and Tax Reforms
As noted by the World Bank, Nigeria has made progress in advancing reforms to eliminate constraints in the business environment, especially through actions driven by the Presidential Enabling Business Environment Council (PEBEC). However, Nigeria’s ability to attract domestic and foreign investment remains low compared to its peers.
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The House will:
a. Work with the Corporate Affairs Commission (CAC) and other relevant agencies to promote the streamlining and digitisation of the business registration process to reduce bottlenecks and delays.
b. Work closely with the Executive to review and update tax laws and policies to modernise the tax system, improve transparency and predictability and offer incentives to businesses and foreign investors.
c. Introduce legislation to provide tax incentives for investment in priority sectors such as agriculture, manufacturing and infrastructure development.
d. Support the Executive to provide reliable infrastructure needed to attract investors.
e. Develop legislation to improve access to finance, especially small and medium-sized enterprises (SMEs).
f. Collaborate with the Executive and relevant labour organisations to modernise labour laws to make the business environment more attractive.
g. Support the creation of special economic zones offering incentives for foreign businesses and ensuring no discrimination against foreign investors.