The national assembly has transmitted the Companies and Allied Matters Act (CAMA) to President Muhammadu Buhari for assent.
Bukola Saraki, the senate president, made this known in a series of tweets on Sunday.
The bill, which is designed to improve the ease of doing business, will make it possible to register a company from any part of the world.
“The 8th @NASSNigeria’s Bill to repeal and re-enact the Companies and Allied Matters Act (#CAMA) has been transmitted to @NGRPresident @MBuhari for his assent,” he wrote on Twitter.
“This Bill is a major milestone that will signify Nigeria’s readiness for a modern business environment.
“The #CAMA, which was initiated as one of the 8th @NASSNigeria’s economic priority Bills, will not only promote the #EaseOfDoingBusiness in Nigeria, it will also give new life to our #SMEs that provide about 84% of the available jobs across the nation.”
According to the senate president, the bill is the biggest legislative undertaking in the history of Nigeria’s legislature due to the size and impact of the bill.
“Once #CAMA is signed into law, it will reshape the way Nigerians do business by markedly reducing many of the unnecessary regulatory hurdles that #SMEs encounter.
“Its assent will also signal to the rest of the world that truly, #NigeriaIsReadyForBusiness.”