The Federal Government has announced a new opportunity for small businesses in Nigeria as it partners with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Corporate Affairs Commission (CAC) to provide free registration for 250,000 small enterprises.
This initiative is targeted at nano, micro and small businesses across the country, many of which operate informally because of the high cost of registration and lack of awareness. By removing the financial barrier, the government hopes to encourage more entrepreneurs to formalize their businesses and gain access to wider opportunities.
Business owners who are selected for the scheme will not be required to pay the usual CAC registration fees. Instead, the government will cover the cost, making it easier for these enterprises to obtain legal recognition. Once registered, the businesses will also be included in the SMEDAN database, which connects entrepreneurs with training, grants, financial support and other capacity-building programs.
Officials explained that the move is part of ongoing efforts to boost financial inclusion and reduce informality in Nigeria’s business sector. A large number of businesses currently operate without official recognition, which prevents them from accessing loans, government support programs and larger markets. Through this initiative, more small enterprises will be able to grow, create jobs and contribute to the economy.
The government has urged interested business owners to apply through the SMEDAN online portal, where registration will be managed. Out of the applications, 250,000 businesses will be selected nationwide to benefit from the free registration.
By bringing these enterprises into the formal economy, authorities believe the program will improve trust, open access to funding and strengthen the role of small businesses in national development.
Discussion about this post