Market Authority Bill To Strengthen Lagos Business Activities

On September 10th, 2024, the Lagos State House of Assembly saw significant progress on the Market Authority Bill, which aims to bolster business activities within the state. The bill successfully passed its second reading, with widespread support from the lawmakers.

Speaker Rt. Hon. Mudashiru Obasa has committed the bill to the House Committee on Local Government, which is expected to report back in two weeks.

The proposed legislation seeks to provide a comprehensive framework for the registration, formation, organization, and operation of market activities in Lagos State. It addresses existing anomalies in the current law and mandates that all markets be duly registered. Hon. Sanni Okanlawon, chairman of the local government committee, emphasized the importance of this bill in ensuring fair and organized market operations.

During the debate, several lawmakers highlighted various benefits of the bill. Hon. Stephen Ogundipe noted that the law would be well-received by Lagosians, while Hon. Nureni Akinsanya stressed the need for only honest individuals to hold positions of authority within the market structures. Hon. Aro Moshood pointed out that the bill would ensure market cleanliness, effective management, and alleviate gridlocks caused by trading activities.

Additionally, Rauf Age-Suleiman mentioned that the bill's board composition is inclusive, and Deputy Majority Leader Adedamola Richard Kasunmu clarified that the Iyaloja-General would head the Market Advisory Council, thus avoiding dual roles. Hon. Sa’ad Olumoh added that the bill requires the House to ratify board member appointments, preventing traders from arbitrarily assigning titles to themselves.

This legislative effort reflects a concerted push to enhance the efficiency and integrity of market operations in Lagos, promising a more structured and transparent business environment for all stakeholders involved.