Nigerian Government Launches New Regulatory Framework to Boost Business Environment

The Nigerian government recently introduced the Regulatory Impact Analysis (RIA) framework to foster a more business-friendly environment, aiming to attract foreign direct investment (FDI), promote economic diversification, and create jobs.
Unveiled at the second Foreign Direct Investors’ Roundtable and Regulators’ Forum, the RIA framework ensures that new regulations undergo thorough assessments of their economic, social, and environmental impacts, reducing business hurdles while safeguarding public interests.
Zahrah Audu, Director-General of the Presidential Enabling Business Environment Council (PEBEC), emphasized the importance of streamlining regulatory processes to enhance competitiveness and investor confidence.
She also highlighted the framework’s potential to foster a predictable, transparent regulatory environment that attracts sustainable FDI. Additionally, Jumoke Oduwole, Minister of Industry, Trade, and Investment, pointed out that over 70% of American businesses view the government’s reforms positively, signaling growing investor trust. In the context of Nigeria’s economic growth, Enugu State Governor Peter Mbah shared the state’s ambitious vision of achieving a sevenfold increase in GDP by attracting private sector investments, with a focus on infrastructure, regulatory frameworks, and the creation of bankable projects to reduce investment risks.