Nigeria should urgently amend or repeal 54 obsolete laws to become business friendly and attract more investors, said a report put together by a team of consultants working for the Department for International Development (DfID), a United Kingdom government department responsible for administering their country’s overseas aid and influence foreign policy.

In 2016, Nigeria is ranked 169 out of 189 economies in the World Bank Doing Business Report.

Some of the bills recommended by the consultants as requiring urgent attention include the Federal Competition and Consumer Protection Bill 2015, Federal Roads Authority Bill 2015, National Inland Waterways Authority Bill 2015, National Roads Funds Bill 2015, National Transport Commission 2015, Nigerian Ports and Harbours Authority Bill 2015, Nigeria Postal Commission Bill 2015 and Nigeria Railway Authority Bill 2015.

The consultants spoke while presenting to the Senate President, Mr. Bukola Saraki, a 168 page report titled “Comprehensive Review of the Institutional Regulatory, Legislative and Associated Instruments Affecting Businesses in Nigeria”.

Senator Saraki said Nigeria should use the present economic situation to set the stage for a post-oil era and promised the 8th National Assembly would give priority to the amendment of obsolete laws and since some of the affected laws require constitutional amendment, the planned process would be expedited to ensure that all stakeholders concerned make the changes happen as soon as possible.

“The National Assembly through the our legislative agenda seized on the moment to chart a new course for the nation’s economy. The legislative agenda we have adopted  is one framed largely around good governance, accountability, opening up of the economy for greater investment, ease of doing business and security of lives and property”, he said.

He said the Senate and the House of Representatives are on the same page with President Muhammed Buhari’s policy on diversification of the economy.

“Our President has laid out a vision to fully diversify the economy beyond oil and has been committed to the actualization f the project.

“The overarching objective of the agenda targets private sector investment and business development as a major plank of the plan. This is because of our belief in the ingenuity, creativity, entrepreneurship of our people and that in order to create jobs, give our people better opportunities, the private sector remains our best option.

“This is at the heart of the clamour for diversification; from agriculture business support, to credit, economic reform bills, to MSMEs, taxation, conflict resolution, regulatory reform bills, our agenda is firmly rooted on increased participation, diversification and capital formation,” Saraki said.

The Senate President said collaborative efforts between the National Assembly, DFID’ ENABLE programme and GEM3, with strong participation of the organised private sector led by the Nigeria Economic Summit Group (NESG) represents a first of its kind, adding that the Senate has offered to the nation a detailed plan, a cohesive legislative agenda for renewed national cohesion and development.

The leader of the team of experts sponsored by DFID, Prof. Paul Idornigie  said apart from 54 laws reviewed, they also did a comprehensive analysis of 50 other bills pending before the two chambers of the National Assembly.

Idornigie said the priority rating list will help the legislature to focus on some areas that require urgent intervention and recommended nine bills that if passed into law in the life of the 8th National Assembly, it would have been deemed to have comprehensively reformed the business environment.

The team also recommended the establishment of a Federal Legislative Clearing House to be scrutinizing and reviewing bills before they are presented to the respective legislative chambers for first reading.

“One principle we believe the National Assembly in considering the bills before it is the need to avoid the setting up of multiple agencies with overlapping or competing mandates. Consequently, there is need to follow a cost benefit approach in deciding when and where a new agency is required”, he said.