Abbas: Outdated Laws, Regulations Hinder Smooth Operations of Public Institutions

Juliet Akoje in Abuja

Speaker of the House of Representatives, Hon Tajudeen Abbas, has said outdated laws and regulations were hindering smooth operations of public institutions responsible for facilitating business activities.

The Speaker said this at a public hearing on five Bills organised by the House Committee on Commerce chaired by Hon Ahmed Munir on Wednesday in Abuja.

The Bills included the establishment of the Chartered Institute of Co-operators and Social Enterprise Management, Institute of Debt Recovery Practitioners of Nigeria, Agro Processing Export Free Zone, Integrated Corporate Data Management Commission, and Institute of Chartered Corporate and Business Affairs Management of Nigeria.

Abbas said the Bills were pivotal in fostering growth, innovation, and sustainability in various sectors of our economy and that they had the potential to shape the future of our nation’s economic and business landscape.

“The economic landscape of our country is facing significant challenges, exacerbated by outdated laws and regulations that hinder the smooth operation of public institutions responsible for facilitating business activities.

“These obstacles have created barriers to entry for entrepreneurs and investors, stifling innovation and growth in key sectors of our economy.

“One of the pressing issues we face is the absence of professional bodies to oversee and regulate important sectors such as debt recovery practitioners, co-operators, social entrepreneurs, agro-processing exporters, corporate data management, and corporate affairs management.

“Without proper oversight and regulation, these sectors are vulnerable to exploitation and malpractice, which can have far-reaching consequences on our economy.

“The establishment of these proposed institutions therefore, signifies a proactive approach towards enhancing professionalism, efficiency, and accountability within these key sectors of our economy.

“These institutions will not only provide much-needed oversight but also set standards, ethics, and best practices in their respective fields. By creating specialised bodies such as the Chartered Institute of Co-operators and Social Enterprise Management, we aim to promote cooperative enterprises and social entrepreneurship as viable means for inclusive economic development.”