Kashim Shettima, the Vice President of Nigeria, has called on regulatory bodies to streamline their processes and align their efforts with the current administration’s goals for economic advancement and enhancing the business environment in the country.
During the recent Presidential Enabling Business Environment Council (PEBEC) Regulators’ Forum, held at the Presidential Villa in Abuja, Shettima emphasized the Federal Government’s dedication to refining Nigeria’s regulatory landscape.
He highlighted the necessity of achieving coordination, transparency, and global competitiveness as vital components for the nation’s economic evolution.
Shettima remarked that the administration is on a continuous path toward establishing a regulatory framework characterized by trust, consistency, and collaboration, urging all stakeholders to stay committed to this mission.
He encouraged regulatory officials to embrace innovation and be open to reimagining processes, guiding Nigeria toward a future where economic challenges are minimized, and opportunities for growth flourish.
“Our responsibility to the private sector is straightforward: we need to listen attentively, address their concerns, and create solutions that foster development. Lately, there have been various complaints regarding specific directives from regulatory agencies. I have intervened personally on numerous occasions to ensure that we avoid conflicts and instead move forward with a united focus,” he stated.
Emphasizing the significance of streamlining regulatory frameworks, Shettima added, “The effectiveness of today’s dialogue hinges not only on our collaborative efforts and shared knowledge but also on our ability to acknowledge and tackle criticisms while striving for an environment conducive to business growth.”
He urged regulators to heed President Tinubu’s vision, which anticipates a nation where regulatory excellence fuels economic progress, attracts investments, and enhances the quality of life for all citizens.
“President Bola Ahmed Tinubu has consistently assured the business sector of his commitment to removing any obstacles they face. Each regulator here must embody this mindset in their interactions with private enterprises. The work of PEBEC, particularly through initiatives like the Regulatory Reform Accelerator, has been instrumental in alleviating challenges faced by businesses.
“This forum represents a unique opportunity to confront these challenges directly and pave the way for a cohesive regulatory approach. This is not just an event; it’s a pivotal moment for us to consider the responsibilities we hold toward our nation.”
In closing, Shettima urged the attendees to grasp the significance of their roles as regulators.
“Your decisions extend beyond your offices; they create ripple effects that can either bolster or undermine policies, sway investment choices, and most importantly, affect the everyday lives of Nigerians who depend on a reliable and efficient economy.
“This forum serves as an invaluable platform to take charge of the essential reforms needed to eliminate regulatory overlaps, misalignments, and inconsistencies that frequently result in unnecessary delays and burdens for businesses,” he concluded.
