Why we launched free CAC registration scheme for 250,000 businesses – FG
Business/Economy
In a significant boost to Nigeria’s entrepreneurial ecosystem, the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have unveiled a nationwide initiative to provide free business registration for 250,000 nano, micro, and small enterprises (MSMEs).
The landmark program was officially launched on Friday, marking a key milestone in the agencies’ efforts to formalize the country’s informal business sector.
The initiative was formalized through the signing of a Memorandum of Understanding (MoU) between CAC Registrar-General Hussaini Ishaq Magaji, SAN, and SMEDAN Director-General Charles Odii, both appointed in October 2023.
The event, held as part of activities commemorating their second year in office, aims to remove financial and bureaucratic barriers that have long hindered MSME growth.
Speaking at the ceremony, Odii highlighted that the scheme addresses a critical gap, noting that many small businesses avoid registration due to costs and fears of taxation, which often exclude them from government support and funding opportunities.Under the program, SMEDAN will mobilize and profile eligible businesses, while the CAC will handle registration and certificate issuance at no cost.
The partnership includes joint awareness campaigns and a monitoring framework to ensure transparency and impact.
Registered businesses will gain access to SMEDAN’s MSME database, unlocking benefits such as grants, capacity-building programs, technical support, and market linkages.
The free registration drive is particularly timely as Nigeria grapples with an economic downturn, with inflation soaring to 34% and unemployment rates remaining high. With MSMEs contributing nearly 50% to the nation’s GDP and employing over 80% of the workforce, the initiative is seen as a step toward creating jobs and fostering innovation.
To participate, entrepreneurs are encouraged to register via the SMEDAN portal at portal.smedan.gov.ng, with physical support available at SMEDAN state offices and business clinics for those less comfortable with digital platforms.
