By Jonathan Lois
The Chartered Institute for Entrepreneurship Consultants (CIEC) has called on the National Assembly to expedite action on the passage of the Chartered Institute of Entrepreneurship Consultants Bill, 2025, saying the proposed legislation will professionalize entrepreneurship practice in Nigeria and catalyze economic growth through job creation and innovation.
The Institute made the call in a memorandum submitted to the House of Representatives Committee on Commerce during a public hearing on the bill, which is sponsored by Hon. Adeyemi Taofik. The memorandum was presented on behalf of the Institute by legal practitioner, U.C. Oparaugo, Esq.
The Bill seeks to establish the Chartered Institute of Entrepreneurship Consultants as a statutory body responsible for advancing the study, training, and practice of entrepreneurship in Nigeria, and for determining the standards of knowledge and skills required of persons seeking to be registered as members of the Institute.
According to the Institute, Nigeria’s vast entrepreneurial potential remains largely untapped due to the absence of a formal regulatory framework that sets standards for entrepreneurship education and professional practice. It noted that while entrepreneurship is a critical driver of growth and job creation globally, the country has lagged behind because the practice has been largely informal and unregulated.
“The establishment of a professional body to regulate and control the practice of entrepreneurship has become not only timely but imperative,” the memorandum stated. “The Institute will promote entrepreneurship education and training, and support economic development through the production of skilled and certified professionals capable of addressing 21st-century challenges.”
Key Objectives and Structure
The Bill, which is divided into seven parts, outlines the Institute’s objectives, governance structure, membership framework, and financial provisions.
Part I provides for the establishment of the Institute as a body corporate with perpetual succession and the capacity to sue and be sued. It will be governed by a Council responsible for setting policy direction and overseeing its administration.
Part II outlines the objectives of the Institute, which include offering professional and vocational training in entrepreneurship and management, equipping entrepreneurs with managerial and technical skills, promoting innovation, and providing mentorship programs. The Institute also aims to regulate entrepreneurship practice to ensure practitioners meet minimum standards that align with national development goals.
In addition, the Institute will collaborate with other professional bodies, government agencies, and private organizations to provide practical training and opportunities for unemployed graduates and aspiring entrepreneurs.
Part III provides for the appointment and tenure of office holders, while Part IV details the composition and functions of the governing council.
Part V stipulates that the Institute will be self-funded through membership subscriptions, training programs, and consultancy services, ensuring no financial burden on government.
Parts VI and VII deal with the appointment of a registrar, duties of officers, and disciplinary procedures for members.
Economic Context and Global Models
The memorandum emphasized that Nigeria’s current unemployment rate of 18.5 percent underscores the urgent need for structured entrepreneurship training and regulation. By contrast, countries with stronger entrepreneurial ecosystems have lower unemployment rates and higher GDP per capita.
It cited successful models in other countries, including South Africa’s Institute of Management Consultants & Master Coaches, India’s Institute of Entrepreneurship Development, and the UK’s Institute of Enterprise and Entrepreneurs, as examples Nigeria could emulate.
According to the CIEC, the proposed institute will complement existing frameworks such as the Nigeria Startup Act, 2022, by focusing on capacity-building and professional certification rather than policy coordination.
“The existence of the Nigeria Startup Act does not constitute an impediment to this Bill,” the memorandum explained. “On the contrary, it will complement the Act by training, certifying, and mentoring entrepreneurs who will drive innovation and enterprise across all sectors.”
Expected Gains
The Institute listed numerous benefits of the Bill’s passage, including enhanced training for entrepreneurs at no government expense, increased job creation, poverty reduction, empowerment of women and youth, improved financial and business management skills, and better risk management across industries.
It further noted that the professionalization of entrepreneurship will foster self-reliance, improve business planning, enhance innovation, and boost Nigeria’s global competitiveness.
“The Bill will raise the recognition and respect for entrepreneurship consultants as professionals whose services are essential to economic growth and national development,” the memorandum stated.
Conclusion
In its concluding remarks, the Institute urged the House Committee on Commerce and the entire legislature to support the Bill’s passage, describing it as a transformative initiative for Nigeria’s entrepreneurial ecosystem.
“We believe this Bill has the potential to transform Nigeria’s entrepreneurship landscape and create a new generation of entrepreneurs who can drive innovation, job creation, and economic prosperity,” the Institute said.
It expressed confidence that once established, the Chartered Institute of Entrepreneurship Consultants will become a center of excellence in entrepreneurship education and practice and a source of national pride.
