The House of Representatives is poised to make Nigeria more business friendly. This statement was made as the House Committe holds public hearing on two critical bills.
The two significant bills are: A Bill for an Act to Establish the Institute of Leadership, Entrepreneurship, and Corporate Governance; and A Bill for an Act to Provide for the Establishment of the Chartered Institute of Business Educators of Nigeria (CIBEN).
The Speaker of the House of Representatives, Mr Tajudeen Abbas said that NIgeria is a nation of entrepreneurs, with businesses thriving on every comer.
“Yet, many of these businesses encounter barriers when attempting to scale, improve productivity, and expand service delivery. These challenges highlight a knowledge gap that exists among many entrepreneurs. Addressing this gap requires a_ structured approach, one that equips entrepreneurs with the requisite skills and tools to deliver excellence. Leadership is indispensable for sustained success in the public, private, or family sectors.
“Who are those who will train and mentor entrepreneurs and businesses? This question brings us to the second bill under consideration. A business educator who trains entrepreneurs must themselves be well-trained and competent”. Mr. Abbas said.
He said that the proposed Chartered Institute of Business Educators of Nigeria (CIBEN) is envisioned as an institution that will advance the study, training, and practice of business education in Nigeria.
He said that the establishment of CIBEN, will ensure that educators have the tools and knowledge to build a generation of globally competitive entrepreneurs and businesses.
He said that the bills hold immense potential and it is vital that they undergo rigorous scrutiny.
“That is why today’s hearing is so critical. This platform allows us to interrogate the proposed bills, resolve potential areas of contention, eliminate duplications of responsibilities, and craft laws that are clear, impactful, and implementable”.
” The effort exemplifies the critical role of legislative oversight in advancing national development and public engagement, which is the hallmark of the 10% House of Representatives. I also extend my gratitude to every Nigerian and stakeholder present today. Your presence is a testament to your unwavering commitment to the growth and progress of our beloved country”.He added.
The Chairman of the House Committee On Public Procurement, Unyime Idem, said that the Committee has keenly followed the trajectory of the bills and noted the passion that had driven the sponsorship of this bill.
” It is interesting to note that this bill is sponsored by Mr. Speaker, Rt. Honourable Tajudeen Abbas, PhD, GCON. This singular fact indicates the seriousness of the problem and the need to address this problem heads on.
” A mischief that has plagued the public procurement space is the practice of contractors to delay projections unduly, intentionally, and without any fear of sanctions. This mischief is driven by a number of factors, first, incompetence of the contractors, non – prioritization of Federal Government projects, intention to apply for price variation, bad faith, compromise, absence of patriotism, economic sabotage, corruption, etc.
” My colleagues and I have studied the difference in culture and approach in other jurisdictions when it comes to the issue of executing government projects. One particular example that stands out for us is the practice in Egypt, where contractors are required to work both day and night and all through the week. This, therefore, means that the project time is reduced by about 50% to 60%, and a project that should ordinarily take 24 months may take 12 months or less.
” In Nigeria, the practice is very different. A project that should take 12 months may take a minimum of 5 to 6 years. The chances of it being abandoned is also at about 70% to 75%. In addition, over 90% of capital projects are eventually subjected to requests for variation, which in part is driven by the issue of delay and poor project management that results in increased costs, driven by factors like inflation and devaluation”. Mr. Idem said.
He added that the culture of project delays preceded the current problem of inflation and devaluation, hence, it is a problem that now must be addressed from a legislative perspective.
Olusola Akintonde
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