The Corporate Affairs Commission (CAC) in partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has rolled out a nationwide programme to grant free business registration to 250,000 nano, micro and small businesses.
The announcement came in Abuja on Friday during the signing of a Memorandum of Understanding (MoU) between both agencies, held as part of the events commemorating the second anniversary of CAC Registrar-General Hussaini Ishaq Magaji, SAN, and SMEDAN Director-General Dr. Charles Odii, who assumed office in October 2023.
“Formalization has long been a hurdle for many small businesses, with cost, bureaucracy and lack of awareness keeping millions of entrepreneurs in the informal sector. This often denies them access to finance, markets and government support. The new CAC–SMEDAN scheme removes these barriers by covering the cost of registration and linking beneficiaries directly to SMEDAN’s MSME database,” CAC Registrar-General, Hussaini Ishaq Magaji, SAN, said.
Through this database, registered businesses will gain access to aftercare and opportunities such as grants, capacity-building programmes, technical support and market linkages.
This drive is about breaking down the barriers that keep too many of our small businesses informal.
By removing the cost of business name registration for 250,000 businesses, we are helping more 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 ₦3 billion in registration fees to make this possible,” CAC Registrar-General, Hussaini Ishaq Magaji, SAN, said.
Also, SMEDAN Director-General, Charles Odii, added that the “Formalization is the gateway to support. By ensuring that these businesses are registered and also onboarded into our database, we can provide continuous aftercare, whether that’s access to grants, training, or new markets. The first step for any MSME wishing to benefit is to register on our portal at portal.smedan.gov.ng”
On his part, Odii further explained that all MSMEs already captured in the agency’s database but lacking CAC registration would automatically benefit from the free registration initiative.
He added that support would be provided through SMEDAN offices across the country and at events like Business Clinics to help entrepreneurs who are not digitally inclined complete the process.
