The Nigerian Senate made history on Tuesday, May 15, with the passage of the repeal and re-enactment of the Companies and Allied Matters Act (CAMA).
Legit.ng gathered that CAMA is the biggest business reform bill in Nigeria in over 28 years.
This is another plus for the Bukola Saraki-led Senate, which has been consistent in passing progressive bills since the 8th Senate kicked-off in June 2015.
Legit.ng lists 7 benefits of the bill to the Nigerian economy:
1. It will make Nigeria’s business environment as competitive as its counterparts around the world.
2. With CAMA, one person can now open and run a company. This is good for start-ups and young entrepreneurs in the country.
3. It promotes the use of technology in the registration of businesses in Nigeria.
4. CAMA removes all the unnecessary regulatory provisions for small and medium enterprises across the country.
5. It also reduces the minimum share capital for companies and start-up in Nigeria.
6. It creates another new category of legal identity for Nigerian businesses.
7. It ensures that Nigerians can now register their businesses from anywhere in the country through the e-registration system.
Meanwhile, the director general of the WHO, Dr. Tedros Adhanom Ghebreyesus, has commended Saraki, on his commitment towards ensuring that Nigeria’s primary healthcare system is strengthened by the inclusion of one per cent of the country’s Consolidated Revenue Fund is used to provide basic primary healthcare services across the nation.
Dr. Ghebreyesus who commended the Senate president in a tweet on his personal Twitter handle, @DrTedros, also stated that political will is needed to provide universal healthcare coverage.
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