The Lagos Chamber of Commerce and Industry (LCCI) has urged President Muhammadu Buhari to assent to the Companies and Allied Matters (CAM) Bill 2018.
It said if signed, the bill has immense potential to catalysing the growth and transformation of the Micro, Small and Medium Enterprises (MSME)s in the Nigerian economy.
The Companies and Allied Matters Act 1990 is the extant legislation governing business registration and related issues in the economy. Many of its provisions are said not to be in tune with current realities of the business environment.
The CAM Bill 2018 was passed by the Senate last year.
The bill, LCCI Director General Muda Yusuf described as laudable, adding that when it becomes law, it will make the legislation more contemporary and also bring it in alignment with the Ease of Doing Business agenda of the present administration.
“The bill when signed into law, will reduce the cost of doing business, especially for small businesses; boost the growth of SMEs; promote economic inclusion, boost job creation by small businesses, and encourage informal sector players to relocate to the formal sector.
“In the light of the huge potential benefits of this law, we request that the bill be expeditiously signed so that the SMEs in the economy can begin to reap the benefits of its provisions.
“The president’s assent to this bill would also position the SMEs in the economy to contribute to the realization of the objectives of the Economic Recovery & Growth Plan (ERGP)”, he said.