Under the leadership of President Bola Ahmed Tinubu, the Federal Government has introduced a nationwide initiative to provide free business registration for 250,000 nano, micro, and small enterprises (NMSMEs). This program, launched by the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), aims to formalize businesses and integrate them into the country’s economic mainstream.
The initiative was formalized through a Memorandum of Understanding (MoU) signed in Abuja by CAC Registrar-General Hussaini Ishaq Magaji and SMEDAN Director-General Dr. Charles Odii. The program is part of the activities marking the second year in office of both officials, who were appointed in October 2023.
By eliminating the cost of business name registration, the government is removing significant barriers that have kept many small businesses in the informal sector. This move is expected to save approximately ₦3 billion in registration fees, which will be redirected to support the growth and development of these enterprises.
Registered businesses will gain access to SMEDAN’s MSME database, unlocking opportunities for grants, capacity-building programs, technical support, and market linkages. SMEDAN has set up a dedicated portal at portal.smedan.gov.ng for entrepreneurs to register their businesses. For those less familiar with digital platforms, SMEDAN’s state offices and Business Clinics nationwide are available to provide assistance.
This initiative reflects President Tinubu’s commitment to fostering an enabling environment for entrepreneurship and economic growth, aligning with the Renewed Hope Agenda’s vision to empower small businesses and stimulate job creation across the country.