The Nigerian government has launched a free business registration scheme aimed at formalising 250,000 nano, micro and small enterprises. The initiative is a collaborative effort between the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and forms part of President Bola Ahmed Tinubu’s drive to expand opportunities for small businesses and entrepreneurs across the country.
The CAC and SMEDAN signed a Memorandum of Understanding in Abuja to kick‑start the campaign, marking the second year in office for CAC Registrar‑General Hussaini Magaji and SMEDAN Director‑General Charles Odii. Federal agencies emphasised that the scheme is designed to break down barriers that prevent small businesses from formalising their operations. By removing the cost of business‑name registration for 250,000 firms, the government hopes to help entrepreneurs take the first step toward growth, legitimacy and access to larger opportunities.
To implement the scheme, the CAC is forgoing approximately N3 billion in registration fees, an investment in the micro, small and medium‑enterprise (MSME) ecosystem. SMEDAN Director‑General Charles Odii explained that the initiative aims to reduce the number of illegal businesses and lower the collapse rate of SMEs in Nigeria. Formalisation, he said, is the gateway to support, enabling registered businesses to access grants, training and new markets.
MSMEs wishing to benefit from the scheme must register on the SMEDAN portal at portal.smedan.gov.ng. The free business registration scheme represents a significant step toward promoting entrepreneurship and economic growth in Nigeria. With a large informal sector, the initiative is expected to encourage more small businesses to formalise, thereby increasing their access to credit, markets and other resources. Successful implementation will depend on the CAC and SMEDAN’s ability to coordinate effectively and provide the necessary support to MSMEs, contributing to a more conducive business environment for small enterprises.
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