President Bola Tinubu has approved the free formalisation and Corporate Affairs Commission (CAC) registration of 250,000 Micro, Small and Medium Enterprises (MSMEs) across Nigeria under a new Federal Government initiative.
President Bola Tinubu has approved the free formalisation and Corporate Affairs Commission (CAC) registration of 250,000 Micro, Small and Medium Enterprises (MSMEs) across Nigeria as part of efforts to strengthen small businesses and expand access to government support programmes. The announcement was made during the 8th National MSME Awards held at the Presidential Villa in Abuja.
The initiative is being implemented through a partnership between the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). Under the programme, 250,000 businesses will receive free business name registration, removing the cost barrier that has kept many entrepreneurs in the informal sector.
According to the Federal Government, registered businesses will also gain access to business support services, technical training, capacity-building opportunities and other interventions designed to help MSMEs grow and become more competitive. The programme forms part of the administration’s broader agenda to encourage enterprise development and job creation.
The approval builds on the existing collaboration between CAC and SMEDAN to increase the formalisation of small businesses nationwide. Government officials say formal registration will enable more entrepreneurs to participate in the formal economy and benefit from public and private sector opportunities available to registered businesses.
Speaking on the initiative, SMEDAN Director-General Charles Odii said the programme is aimed at breaking down barriers for entrepreneurs by removing registration costs while providing continued support after registration. The Federal Government also stated that beneficiaries would receive guidance to help sustain and expand their businesses beyond registration.
The free registration initiative is expected to commence nationwide through the CAC-SMEDAN partnership, with eligible MSMEs benefiting from both business formalisation and post-registration support as part of the Federal Government’s MSME development strategy.