Vice President Kashim Shettima has charged regulatory agencies in Nigeria to eliminate overlaps and align their actions with President Bola Tinubu’s agenda for economic growth and improved ease of doing business in Nigeria.
He stated this on Thursday during the Presidential Enabling Business Environment Council (PEBEC) Regulators’ Forum to build an effective Regulatory Impact Framework (RIA) for Nigeria held at the Presidential Villa, Abuja.
The Vice President said the Nigerian government remains committed to streamlining the regulatory environment in Nigeria.
This, the Vice President said, is crucial in driving the coordination, transparency, and global competitiveness required for the nation’s economic transformation.
According to him, the administration’s journey towards a “regulatory system built on trust, consistency, and collaboration is ongoing, and it is a journey that requires all and sundry to remain committed.”
He implored the government regulators to be “willing to reinvent processes and innovate, guiding Nigeria towards a future where we are not economically disadvantaged but positioned to thrive.
“Our duty to the private sector is clear: to listen, process their concerns, and develop solutions that drive growth. In recent months, there have been pockets of complaints regarding certain directives from our regulatory agencies. I have personally intervened on several occasions to ensure we are not hampered by conflict, but instead move forward with unity and purpose,” he added.
Underscoring the importance of streamlining the regulatory system, the VP said, “The success of this forum today does not solely depend on our ability to collaborate, share knowledge, and align our regulatory actions with the broader national agenda.
“It also depends on our capacity to recognize and address criticisms and shortcomings, while striving for a nation that does not feel like a battlefield for businesses, but a place where investors can thrive without fear of unnecessary hurdles.”
Call To Action
VP Shettima charged the regulators to heed President Tinubu’s call to action, noting that the President envisions a country where regulatory excellence drives economic growth, attracts investment, and ultimately improves the quality of life for all citizens.
He continued: “Time and again, President Bola Ahmed Tinubu has reassured the business community of his commitment to easing any bottlenecks they may encounter, and each regulator here must adopt the same mindset in their dealings with private enterprises.
“The work of PEBEC, particularly through initiatives like the Regulatory Reform Accelerator, has been pivotal in reducing the obstacles faced by businesses.
“Today’s forum offers an unparalleled opportunity to address these issues head-on and chart a new course towards regulatory cohesion. This is not merely an event – it is a defining moment for us to reflect on the duties we owe our nation.”
On the task ahead, the Vice President urged participants at the meeting to recognise the gravity of their role as regulators.
Earlier in his remarks, the Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hadejia, outlined PEBEC’s 2024 outlook highlighting Nigeria’s business and investment climate reforms through its five strategic pillars, comprising regulatory, judicial, and legislative reforms, among others.
He said deliberations and actions at the forum would be aligned with national economic goals that can make Nigeria a more attractive destination for business and investment.
Also, Special Adviser to the President on the Presidential Enabling Business Environment Council (PEBEC) and Investment, Dr. Jumoke Oduwole, noted that regulators must act as enablers, evolving to support and nurture the very ecosystem they oversee.
Heads of federal government’s regulatory agencies present at the PEBEC meeting included Nigerian Communications Commission (NCC), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Electricity Regulatory Commission (NERC), Nigerian Press Council (NPC), Nigeria Data Protection Commission (NDPC), Nigeria Export Processing Zones Authority (NEPZA) and Nigerian Maritime Administration and Safety Agency (NIMASA).
Others are the National Environmental Standards and Regulations Enforcement Agency (NESREA), Advertising Regulatory Council of Nigeria (ARCON), Oil and Gas Free Zones Authority (OGFZA), Securities and Exchange Commission (SEC) and Nigerian Postal Service (NIPOST).
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