I concluded last week Friday’s story on Shoprite with the subtitle: Ease of doing business.
It was clear that Shoprite could no longer cope with the difficulties of doing business in Nigeria and exited stage left.
Without reform, operating in Nigeria will continue to be frustrating.
Well, later that Friday evening, the government replied with a loud response.
Buhari signed the flagship law that governs the behaviour of companies in Nigeria.
The Companies and Allied Matters Act 2020 has been in the works for 20 years now, and it is a sigh of relief for the business community. They have been operating under a 30-year old law.
The 1990 act, which is now being replaced, was once ahead of its time. It was modelled on the English Companies Act 1985 and was seen as well suited for the business environment until around 2004.
Most times when economists talk about improving