The House of Representatives, alongside the Presidential Enabling Business Environment Council (PEBEC), has expressed concern over the shipment of over 75 per cent of goods destined for Nigeria to the neighbouring Benin Republic.

To address the ugly development, the Speaker of the House of Representatives, Dr. Abass Tajudeen, and the Director General of PEBEC, Zahrah Mustapha Audu, met on Thursday at the National Assembly complex in Abuja.

The Speaker stressed the need for Nigeria to urgently reform the bottlenecks in our maritime, import, and export systems.

The Speaker remarked that it is unfortunate that Nigeria is losing billions of naira in revenue to Benin and other neighbouring countries due to bureaucratic hurdles and inefficiencies at the borders and ports.
The Speaker assured PEBEC that the House of Representatives will give immediate attention to key reforms, particularly the enforcement of the Financial Reporting Council of Nigeria (FRCN) Act and the concerns of investors in Nigeria’s Free Trade Zones.

Applauding Zahrah on the milestones so far achieved on the creation of an enabling environment for investors in the country, the Speaker reiterated the House’s determination to remove barriers, restore confidence, and build a more competitive Nigerian economy.

“We are committed to harmonising the Tax Reform Bills and ensuring Nigeria keeps its promises to foreign investors. This House is driven by a reformist Legislative Agenda and we will act. I commend the youthful, energetic PEBEC team and their leadership under the Vice-President. Let’s get it right. The time is now,” he stressed.

The DG PEBEC explained that the visit also served to strengthen collaboration with the House of Representatives toward institutionalising key business climate reforms and enhancing interagency collaboration through key legislation to improve the ease of doing business in Nigeria.