The Nigerian Senate on Tuesday passed the repeal and re-enactment of the Companies and Allied Matters Act, which the legislative body termed the “biggest business reform bill in Nigeria in over 28 years.”
The benefits of the newly enacted bill as enlisted on the Medium page of the upper chamber include:
Making Nigeria's business environment as competitive as its counterparts around the world.
Permits individuals to open up companies by themselves.
Promotes the use of technology in the registration of businesses.
Removal of all the unnecessary regulatory provisions for small companies.
Reduction of the minimum share capital for companies and start-up in Nigeria.
Creates a new form of legal identity for Nigerian businesses.
Ensures Nigerians can register their business from anywhere in the country through the e-registration system.