The CIBN registrar said that many of the laws were obsolete.

The Registrar of the Chartered Institute of Bankers of Nigeria, CIBN, Uju Ogubunka, on Tuesday advised the Federal Government to review some of the laws guiding business operation in the country.

The CIBN registrar said in Lagos that many of the laws were obsolete.

He said that obsolete corporate laws were inimical to business growth, adding that archaic laws were known to impair the inflow of foreign direct investment.

“Many of our laws and regulations that define how businesses should be done need to be reviewed in our national interest. Regular review of laws to meet contemporary desires and needs is necessary to grow Nigeria’s economy.

“And our economic reforms must take into cognisance of the magnitude of the business potential of our nation,” he said.

Mr. Ogubunka said that the various legislative houses in the country should hold more public sessions on ways to improve the economy.

The CIBN registrar urged government at all levels to set aside special funds to cater for small scale enterprises.

“Young entrepreneurs need encouragement. They definitely need to have access to credit to be able to continue in their business,” he said.

(NAN)