The Corporate Affairs Commission and the Small and Medium Enterprises Development Agency of Nigeria have jointly unveiled a nationwide scheme to provide free business registration for 250,000 nano, micro, and small enterprises.
The initiative was announced in Abuja on Friday during the signing of a Memorandum of Understanding between the agencies.
It forms part of activities marking the second anniversary of CAC Registrar-General, Hussaini Magaji, and SMEDAN Director-General, Charles Odii, who were both appointed in October 2023.
Formalisation has long posed a major challenge for small businesses in Nigeria, with costs, bureaucracy, and low awareness preventing millions of entrepreneurs from registering their businesses.
Many remain in the informal sector, limiting their ability to access finance, markets, and government support.
The new CAC–SMEDAN scheme is designed to break down these barriers by covering registration fees and linking beneficiaries directly to SMEDAN’s MSME database.
Registered businesses will gain access to aftercare and a range of opportunities, including grants, capacity-building programmes, technical support, and market linkages.
Speaking at the launch, CAC Registrar-General Hussaini Magaji said the initiative aligns with President Bola Tinubu’s broader reforms to expand opportunities for small businesses and entrepreneurs across the country.
He highlighted recent policies such as unprecedented investment in infrastructure, unification of the exchange rate, and the N200bn economic assistance programme for nano businesses, SMEs, and manufacturers.
“This drive is about breaking down the barriers that keep too many of our small businesses informal,” Magaji explained.
“By removing the cost of business name registration for 250,000 businesses, we are helping entrepreneurs take the first step toward growth, legitimacy, and access to bigger opportunities.
“It is also an investment in the MSME ecosystem, as the Commission is forgoing approximately N3bn in registration fees to make this possible.”
(Punch)
