Lawmakers Move To Make Nig’s Economy More Sustainable, Innovative

The House of Representatives Committee on Commerce says the legislature is intensifying efforts to strengthen Nigeria’s economy through laws that promote sustainability, innovation, and professional accountability.

Chairman of the Committee, Ahmad Munir Lere, stated this at a public hearing on ten bills before the committee, which include proposals to establish new regulatory bodies and amend existing trade laws.

Lere said the legislative measures are part of a broader effort to consolidate economic growth and ensure that Nigerian businesses are better equipped to manage global challenges such as climate change, trade competition, and financial risks.

“The bleeding has been stopped, but healing is ongoing,” he said, referring to the government’s recent gains in GDP growth, monetary policy, and revenue mobilization under President Bola Tinubu’s administration.

He noted that the Climate Resilient Commerce in Nigeria Bill seeks to create a framework for sustainable business operations that can withstand environmental disruptions and align Nigeria with international best practices in green economic policy.

“Bills like this give us the power and leverage to be partakers of global benefits and local opportunities associated with climate change adaptation and mitigation,” he added.

Other bills under consideration are targeted at improving professional standards, strengthening regulatory frameworks, and enhancing transparency in commerce-related institutions. These include:

Chartered Institute of Nigerian Universities Professional Administrators Bill (HB 784)

Institute of Chartered Biochemists and Molecular Biologists Bill (HB 1164)

Nigerian Export Promotion Council Amendment Bill (HB 1955)

Chartered Institute of Mortgage Bankers and Brokers of Nigeria Bill (HB 899)

Chartered Institute of Entrepreneurship Consultants Bill (HB 1626)

Chartered Institute of Enterprise Risk Management of Nigeria Bill (HB 228
Chartered Institute of Financial and Investment Analysts of Nigeria Bill (HB 336)

Risk Management Reporting Framework Bill (HB 1951)

National Institute of Marketing of Nigeria (Amendment) Bill (HB 1547)

According to Lere, the hearings are designed to provide citizens and industry stakeholders the opportunity to contribute to the legislative process and ensure that the final laws reflect the country’s developmental priorities.

He also highlighted the 10th Assembly’s commitment to open and inclusive governance, describing it as the “People’s Parliament” dedicated to making laws that improve the lives of ordinary Nigerians.

“Every democratic system thrives on laws that promote fairness, transparency, and accountability. Our goal is to craft legislation that ensures businesses operate efficiently while safeguarding public interest,” he said.

The committee chairman urged participants to make constructive submissions that will guide the committee’s recommendations to the House for possible passage into law.

He added that while Nigeria had recorded a 3.9 percent annual GDP growth, there was a need for deliberate policies to translate macroeconomic progress into tangible benefits for citizens through social protection and job creation.

“We must build an economy that is not only growing but also inclusive and resilient,” he added.

Oduyemi Odumade, Edited By Grace Namiji