FG rolls out free registration for small businesses

The federal government, through the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has launched a nationwide initiative to register 250,000 nano, micro and small businesses at no cost.

The programme was unveiled in Abuja on Friday during the signing of a Memorandum of Understanding (MoU) between CAC and SMEDAN. The partnership coincides with the second anniversary in office of CAC Registrar-General, Hussaini Ishaq Magaji, and SMEDAN Director-General, Dr. Charles Odii, who both 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,” Magaji said.

According to him, “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.”

On his part, SMEDAN boss Charles Odii emphasized that “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.”

He added that every business captured in the agency’s database without CAC documentation would benefit from the free registration drive. “For those who are not digital natives, SMEDAN State Offices nationwide will provide support, and at physical events such as our Business Clinics, the agency will also be available to onboard entrepreneurs,” he said.