Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, has pledged that the National Assembly will repeal obsolete laws frustrating businesses, eliminate policies that discourage investment and create a more business-friendly environment to drive economic growth.
Speaking on Thursday at the Legislative Business Breakfast held as part of the 2026 National Assembly Open Week in Abuja, Abbas said Parliament would strengthen regulatory certainty and deepen support for the private sector to unlock Nigeria’s economic potential.
The Speaker declared that the 10th House would ensure that laws affecting businesses are transparent, predictable and investor-friendly.
“We will repeal obsolete laws that frustrate enterprise and legislate to support local manufacturing, agriculture and Nigeria’s readiness for the continental market,” Abbas declared.
He also promised to tackle multiple taxation by harmonising levies across the three tiers of government, saying businesses should no longer be “taxed to exhaustion.”
Abbas said lawmakers would strengthen institutions that provide financing for businesses, especially small and medium-scale enterprises (SMEs), while using legislative oversight to ensure government agencies faithfully implement economic reforms.
According to him, President Bola Ahmed Tinubu’s economic reforms were designed to create an enabling environment for private sector-led growth.
“Governments do not create wealth. They create the conditions for wealth creation, while entrepreneurs, manufacturers, farmers and investors create jobs and grow the economy,” he said.
The Speaker admitted that businesses are battling high interest rates, exchange rate volatility, multiple taxes, poor electricity supply, insecurity, port bottlenecks and policy uncertainty, assuring investors that the National Assembly had taken note of their concerns.
While acknowledging the temporary hardship caused by ongoing reforms, Abbas insisted they were necessary to stabilise the economy and restore investor confidence.
He noted that the International Monetary Fund (IMF) had commended Nigeria’s reforms and projected economic growth of over four per cent this year, but warned that poverty and food insecurity must still be urgently addressed.
Highlighting the achievements of the 10th National Assembly, Abbas listed the passage of tax reform laws, the Electricity Act, the Investments and Securities Act and the establishment of six regional development commissions.
He also disclosed that the House Public Accounts Committee had recovered more than ₦60 billion from defaulting companies.
To sustain dialogue with the private sector, Abbas proposed the establishment of a National Assembly and Business Executive Roundtable (NABER) to meet twice yearly and review the country’s business environment.
Also speaking, House Leader Prof. Julius Ihonvbere said continuous collaboration between lawmakers and the private sector was vital for economic development.
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, stressed that investor confidence depends on stable laws and policies, saying recent reforms were aimed at positioning Nigeria to achieve a $1 trillion economy by 2030.
Executive Secretary of the Policy and Legal Advocacy Centre (PLAC), Clement Nwankwo, urged lawmakers to address insecurity and multiple taxation, describing them as major barriers to investment and business expansion.
