Regulatory Impact Assessment to shape decisions on business environment – PEBEC

The Presidential Enabling Business Environment Council (PEBEC) said the introduction of the Regulatory Impact Assessment (RIA) framework will help shape decisions on improving Nigeria’s business environment and economy.

Aimeya Okpebholo, project manager, PEBEC Secretariat, made this known in a statement, noting that central to the forward-thinking workplan is the introduction of the RIA framework, which she described as an innovative tool designed to assess the potential impact of regulatory decisions on businesses and the economy.

“The RIA Framework represents a transformative step for Nigeria’s business environment.

“With its adoption, the PEBEC Secretariat will ensure that regulatory decisions are transparent and effective and aligned with the nation’s economic development objectives,” Okpebholo said.

She declared that the framework would empower regulators to make evidence-based decisions, carefully evaluating their potential impact on businesses and the economy.

She further highlighted that the PEBEC 2025 outlook reaffirms the council’s commitment to driving critical business reforms through the Omnibus Bill 2.0, a landmark piece of legislation poised to transform Nigeria’s business landscape.

According to Okpebholo, the strategic move is designed to streamline processes and create a more conducive environment for business growth.

She emphasised PEBEC’s continued support for sub-national initiatives, including the roll-out of the subnational ease of doing business reforms.

Read also: Shettima urge MDAs to leverage PEBEC reforms to strengthen Nigeria’s business environment

“A key focus will be the establishment of ease of doing business councils across all 36 states and the FCT, ensuring a harmonised approach to improving the business climate at every level of government.

“A key focus for PEBEC in 2025 will be driving legislative and judicial reforms aimed at improving access to justice,” Okpebholo said.

She also said that the efforts will concentrate on improving insolvency regulations, supporting the digitisation of small claims courts, and establishing commercial courts to provide businesses with quick and efficient legal recourse.

“These reforms are designed to boost investor confidence and streamline access to justice, creating a more conducive environment for businesses to start and grow.

“PEBEC’s Innovation and Technology strategy will drive the accelerated adoption of digital solutions across MDAs, streamlining processes for greater efficiency.

“Through initiatives like the reportgov.ng portal, the council will foster increased compliance, reduce rent-seeking behaviour, and minimise manual processes, leading to a more transparent, accountable, and responsive government,” Okpebholo said.

Additionally, the outlook stated that strategic communications would be bolstered to ensure that businesses and key stakeholders nationwide are well-informed and actively engaged with ongoing reforms.

Established in July 2016 by the Federal Government, PEBEC has been prioritised by President Bola Ahmed Tinubu GCFER, in line with the 8-point renewed hope agenda of this administration.

The council is chaired by Kashim Shettima, Vice President GCON, and comprises 24 members from all arms and levels of government.

Overall, the PEBEC 2025 Outlook document demonstrates the council’s commitment to driving business reforms for investment retention, attracting new opportunities for sustainable growth, and improving the perception of doing business in Nigeria.