As 2023 closed, we highlight some significant regulatory and
legal developments within the Nigerian business landscape this
year. Some of these pivotal developments signal possible regulatory
directions for 2024. Recognizing the implications of these key
milestones becomes imperative for businesses embarking on
comprehensive enterprise-wide compliance reviews and planning;
enabling the organization not only to align with current standards
but also to anticipate and adapt to future possible shifts in the
business environment.
The Business Facilitation (Miscellaneous Provisions) Act
2023
On February 14, 2023, the Business Facilitation (Miscellaneous
Provisions) Act was enacted, amending 21 business-related laws,
including the Companies and Allied Matters Act 2020, to create a
more favourable environment for micro, small, and medium-sized
enterprises (MSMEs) in Nigeria.
