The Nigerian Senate on Tuesday made history with the passage of the repeal and re-enactment of the Companies and Allied Matters Act (CAMA). The repeal is the biggest business reform bill in Nigeria in over 28 years. The act was modified after a clause-by-clause consideration and a voice vote on the report of the Committee on Trade and Investments at plenary.

Here are 7 things that you need to know about this Bill…

1. It will make Nigeria’s business environment as competitive as its counterparts around the world.

2. With CAMA, one person can now open and run a company. This is good for start-ups and young entrepreneurs.

3. It promotes the use of technology in the registration of businesses.

4. CAMA removes all the unnecessary regulatory provisions for small companies.

5. It reduces the minimum share capital for companies and start-up in Nigeria.

6. It creates another new category of legal identity for Nigerian businesses.

7. It ensures that Nigerians can now register their businesses from anywhere in the country through the e-registration system.