The Nigerian House of Representatives began legislative proceedings this Monday to modernize the nation’s commercial framework. A public hearing focused on 13 significant bills, most notably the AfCFTA Domestication Bill, which seeks to integrate Nigeria more effectively into the single African market.
Speaker Abbas Tajudeen, represented at the event, emphasized that these reforms are central to the 10th House’s objective of enhancing the ease of doing business. The goal is to eliminate regulatory hurdles, incentivize investment, and foster sustainable growth. Abbas noted that this initiative aligns with the Renewed Hope Agenda of President Bola Tinubu, providing the necessary legal structure to support national economic transformation.
Dr. Jumoke Oduwole, the Minister of Industry, Trade and Investment, called for the rapid passage of the AfCFTA bill. She highlighted that the continental trade zone, representing over 1.4 billion people, is vital for Nigerian expansion and job creation. Oduwole pointed out that while Nigeria has already taken steps like launching air cargo corridors and ratifying the Digital Trade Protocol, a formal domestic legal framework is required to secure these gains and provide certainty for investors.
Hon. Ahmed Munir, who chairs the House Committee on Commerce, explained that the 13 bills are categorized into three main objectives: expanding international trade, modernizing the digital economy, and improving professional regulation. Notable proposals include amendments to the Sale of Goods Act, updates to the Nigerian Export Promotion Council, and reforms to the Price Control Act. The committee invited stakeholders to submit data-driven recommendations to ensure these new laws actively drive economic progress rather than create barriers.
