The Federal Government of Nigeria, through a collaboration between the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has unveiled a groundbreaking initiative to provide free business registration for 250,000 micro, small, and medium enterprises (MSMEs) across the country. This move is aimed at encouraging more entrepreneurs to formalize their businesses, which is critical for economic growth and development.
The partnership was formalized through a Memorandum of Understanding, highlighting a shared commitment to removing barriers such as high registration costs and bureaucratic delays that often keep small businesses trapped in the informal sector. By waiving fees estimated at ₦3 billion, the Federal Government intends to pave the way for MSMEs to register officially, thereby gaining access to government support programs, capacity-building initiatives, and market linkages.
SMEDAN Director General Charles Odii explained that registered MSMEs will be integrated into a national database, providing them with opportunities to access grants, technical support, and training programs designed to enhance their competitiveness. Registrar-General of the CAC, Hussaini Ishaq Magaji, noted that formal business registration is a foundational step toward legitimizing businesses, facilitating growth, and unlocking new opportunities both locally and internationally.
The free registration scheme aligns with the Federal Government’s Renewed Hope Agenda, which prioritizes empowering small businesses as vital drivers of economic diversification and job creation. President Bola Ahmed Tinubu’s administration has received commendations for this bold initiative as it seeks to build an enabling environment where MSMEs can thrive and contribute more significantly to Nigeria’s GDP.
Entrepreneurs interested in benefiting from this program are encouraged to register through the official SMEDAN portal to ensure swift processing and inclusion in the government’s support ecosystem. This free business registration campaign represents a promising stride toward formalizing Nigeria’s vibrant informal economy and boosting sustainable enterprise growth.
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