By By Elizabeth Ugbo
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Corporate Affairs Commission (CAC) have partnered to provide free business registration for 250,000 MSMEs nationwide, following an MoU signed in Abuja to reduce registration costs, formalise businesses, and support entrepreneurs under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
SMEDAN, CAC Sign MoU in Abuja
SMEDAN and CAC signed the Memorandum of Understanding at the CAC headquarters in Abuja.
The event brought together officials from both agencies and members of the press.
CAC Registrar-General, Hussaini Ishaq Magaji, represented the commission at the event.
SMEDAN Director-General, Charles Odii, also attended the signing ceremony.
The partnership aims to make business registration easier for entrepreneurs across Nigeria.
250,000 MSMEs to Get Free Registration
Under the agreement, 250,000 micro, small, and medium enterprises will receive free CAC registration.
The initiative targets businesses that struggle with the cost of formal registration.
Normally, business registration with CAC costs about ₦11,000.
However, eligible MSMEs will now access the registration service without paying the usual fee.
As a result, more entrepreneurs can formalise their businesses without facing registration costs.
Partnership to Remove Barriers for Entrepreneurs
SMEDAN and CAC said the initiative will address a major challenge facing small businesses.
Many entrepreneurs operate informally because they cannot afford registration costs.
Therefore, the free registration programme could encourage more businesses to enter the formal economy.
Formal registration can also improve a business’s credibility among customers and partners.
Additionally, registered businesses can gain better access to government support programmes.
Free Registration Could Boost Business Growth
Business formalisation can create more opportunities for MSMEs across Nigeria.
For instance, registered businesses can pursue contracts and other commercial opportunities more easily.
They can also build stronger relationships with financial institutions and potential investors.
Furthermore, formal registration can help businesses expand into new markets.
The initiative could therefore support growth across Nigeria’s MSME sector.
Support for Tinubu’s Renewed Hope Agenda
Both agencies linked the partnership to President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The agenda seeks to reduce barriers for entrepreneurs and promote economic opportunities.
It also focuses on innovation, enterprise development and job creation.
Consequently, SMEDAN and CAC expect the initiative to strengthen Nigeria’s small business ecosystem.
SMEDAN Reaffirms Commitment to MSMEs
SMEDAN said it remains committed to creating an enabling environment for small businesses.
The agency believes easier registration can help entrepreneurs build sustainable enterprises.
Meanwhile, the CAC partnership provides a practical route toward achieving that objective.
With 250,000 MSMEs targeted, the programmed could significantly increase business formalization nationwide.
