Speaker of the House of Representatives, Hon. Abbas Tajudeen, has pledged that the National Assembly would repeal obsolete laws that hinder business growth as part of efforts to improve Nigeria’s investment climate, boost competitiveness and accelerate economic transformation.
Abbas assured investors and business owners that the House would pursue legislative measures aimed at guaranteeing regulatory certainty, reducing the cost of doing business, expanding access to finance and strengthening oversight of public institutions responsible for implementing economic reforms.
The Speaker made the commitments at the Legislative Business Breakfast Meeting held at the National Assembly as part of activities marking the 2026 National Assembly Open Week. The meeting was themed, “The Business of Growth: Legislative Priorities for Investment, Competitiveness and Economic Transformation.”
Addressing members of the organised private sector, Abbas outlined a five-point commitment by the House to support business growth and attract investment.
According to him, the legislature would ensure that laws affecting businesses are stable, transparent and developed through stakeholder engagement to provide investors with greater certainty.
He pledged to build on recently enacted tax reforms by working to harmonise levies across the three tiers of government, noting that businesses should not be burdened by multiple taxes and charges imposed simultaneously by federal, state and local authorities.
On access to finance, Abbas said the House would strengthen institutions that provide credit to the real sector and ensure that financing reaches small and medium-scale enterprises, which account for a significant share of employment in the country.
The Speaker promised to repeal outdated laws that discourage enterprise while promoting legislation that supports local manufacturing, agriculture and Nigeria’s participation in the African Continental Free Trade Area (AfCFTA).
“On competitiveness, we will repeal the obsolete laws that frustrate enterprise, and legislate to support local manufacturing, agriculture and our readiness for the continental market,” he said.
Abbas explained that the commitments were informed by extensive engagements with business leaders and reflected concerns raised by manufacturers, investors and other stakeholders over the challenges confronting the economy.
He said businesses had highlighted soaring borrowing costs, declining access to credit, foreign exchange pressures, high production costs, unstable electricity supply, multiple taxation, port inefficiencies, insecurity and policy uncertainty as major constraints to growth.
“Let me first prove to you that we heard you clearly. You told us, as the Manufacturers Association of Nigeria has told the whole nation, that borrowing has become prohibitively expensive and that credit to the manufacturing sector actually shrank by close to two trillion naira last year,” Abbas said.
While acknowledging that some of the economic reforms introduced by President Bola Tinubu had imposed hardship on Nigerians, the Speaker argued that they were necessary steps to restore macroeconomic stability after years of delayed policy decisions.
He maintained that the removal of fuel subsidy, exchange rate unification and measures to curb deficit financing were critical reforms that could no longer be postponed.
According to him, Parliament has not merely supported the reforms but has actively driven them through legislation, citing the passage of tax reform laws, the Electricity Act, the Investments and Securities Act and the establishment of regional development commissions.
Abbas also said the House Public Accounts Committee had recovered more than N60 billion from defaulting companies, while lawmakers approved a new national minimum wage and expanded access to student loans and consumer credit.
Looking ahead, the Speaker urged Nigeria to position itself to maximise opportunities under the AfCFTA, stressing that the country must become a major exporter within the continental market rather than merely a consumer.
He proposed the establishment of a standing National Assembly and Business Executive Roundtable (NABER), to be convened twice annually, to institutionalise dialogue between lawmakers, the organised private sector, labour groups and development partners.
Speaking, Leader of the House, Prof. Julius Ihonvbere, called for stronger engagement between the National Assembly and the private sector, describing such collaboration as essential for economic growth and democratic development.
Chairman of the House Committee on Commerce, Ahmed Munir, said the legislature was working to ensure that commercial laws reflect market realities and support investment, innovation and competitiveness.
He listed several economic and commercial bills under consideration, including the African Continental Free Trade Area Bill, the Digital Economy Mainstreaming Bill, the Sustainable Finance Bill and proposed amendments to the Sale of Goods Act and the Nigerian Export Promotion Council Act.
Minister of Industry. Trade and Investment, Dr. Jumoke Oduwole, the importance of legislative backing for ongoing economic reforms, noting that the quality of laws enacted by the National Assembly would significantly influence investor confidence and long-term economic growth.
She said recent data from the Nigerian Economic Summit Group’s Business Confidence Monitor showed that Nigeria’s business environment remained in expansion territory for the sixth consecutive month in June 2026, reflecting growing confidence in the country’s reform agenda.
Meanwhile, Executive Secretary of the Policy and Legal Advocacy Centre (PLAC), Clement Nwankwo, identified insecurity and excessive taxation as major obstacles to investment and business growth, urging lawmakers to strengthen oversight of government agencies and protect businesses from policies that discourage enterprise.
SOURCE: Guardian Nigeria