The House of Representatives has commenced moves to strengthen Nigeria’s commercial and trade framework with the consideration of 13 bills, including legislation seeking to domesticate the African Continental Free Trade Area (AfCFTA) agreement.
Speaker of the House, Tajudeen Abbas, said the legislative initiative was aimed at improving the ease of doing business, removing regulatory bottlenecks, attracting investment and promoting sustainable economic growth.
Abbas, represented by the Deputy Chief Whip, Rep. Isiaka Ibrahim, spoke on Monday at a public hearing organised by the House Committee on Commerce in Abuja.
He described commerce as “one of the strongest pillars of our economy,” stressing that the proposed laws must undergo rigorous scrutiny to ensure they reflect emerging realities and global best practices.
According to him, the public hearing was designed to obtain constructive input from stakeholders, identify areas requiring refinement and ensure that the final legislation promotes enterprise, protects legitimate business interests, encourages fair competition and supports sustainable economic growth.
He said the exercise was consistent with the 10th House Legislative Agenda, which prioritises economic growth, institutional reforms, good governance and private-sector development.
“Since our inauguration, we have remained committed to enacting laws that improve the ease of doing business, support entrepreneurship, remove unnecessary regulatory barriers, attract investment and create opportunities for our people,” Abbas said.
He added that the initiative would support President Bola Tinubu’s Renewed Hope Agenda by providing the legal framework needed to advance economic reforms.
AfCFTA bill crucial to Nigeria’s competitiveness Minister
The Minister of Industry, Trade and Investment, Jumoke Oduwole, urged the House to expedite the passage of the AfCFTA Domestication Bill, describing it as critical to Nigeria’s competitiveness in continental trade.
Oduwole said the AfCFTA market, covering more than 1.4 billion people with a combined GDP of over $3 trillion, presents significant opportunities for Nigerian businesses to access new markets, attract investments, create jobs and strengthen regional value chains.
She noted that Nigeria had made progress since ratifying the agreement in 2020, including establishing implementation structures, submitting tariff concessions, launching digital trade initiatives and supporting local businesses.
The minister disclosed that Nigeria was the first State Party to ratify the AfCFTA Digital Trade Protocol and had launched air cargo corridors connecting Nigerian businesses with markets in East and Southern Africa.
However, she stressed that effective implementation of the agreement required a strong domestic legal framework.
“The Bill is not merely about implementing an international treaty. It is about positioning Nigeria to fully harness the opportunities of continental trade while safeguarding our national interests,” she said.
13 bills target trade, digital economy, professional regulation
The Chairman of the House Committee on Commerce, Rep. Ahmed Munir, said the committee was considering 13 strategic bills aimed at modernising Nigeria’s commercial laws, strengthening professional standards and improving the country’s global competitiveness.
He said the bills were grouped into three broad areas: expanding global trade and protecting local assets; modernising commerce and the digital economy; and strengthening professional regulation and institutional capacity.
Among the proposals are the AfCFTA Implementation Bill, amendments to the Nigerian Export Promotion Council Act on Geographical Indications, updates to the Nigerian Maritime Administration and Safety Agency (NIMASA) framework, amendments to the Sale of Goods Act and Price Control Act, as well as bills establishing and strengthening various professional institutes.
Munir urged stakeholders from government, the private sector and civil society to provide practical and data-driven recommendations to strengthen the proposed legislation.
“Our goal in the 10th House of Representatives is to ensure our laws actively foster economic expansion rather than obstruct it. The success of this legislative exercise depends heavily on your candid, expert feedback,” he said.
He added that the committee was seeking legislation capable of driving investment, innovation and job creation while positioning Nigeria to compete effectively in regional and global markets.
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