The Nigerian Senate, under the leadership of Senate President Bukola Saraki, today passed the repeal and re-enactment of the companies and allied matters act (CAMA). This is the biggest business reforms to be done in the country in over 28 years.
The bill is set to increase the ease of doing business in Nigeria, make the Nigerian business environment as competitive as their counterparts in the world and it will encourage young entrepreneurs in the country as it enables one person to be able to open and run a company.
Other things that the re-enactment will do is to remove unnecessary regulations in the registration of small companies, reduces minimum shared capital for companies and start ups, encourages technology in the registration of new companies thereby allowing businesses to register from anywhere via the e-regristration system and creation of new legal identity of Nigerian businesses.
This is a major breakthrough for businesses in Nigeria from the Senate.
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