The Federal Government, under the leadership of President Bola Ahmed Tinubu, has launched a nationwide scheme to provide free registration for 250,000 micro, small and medium enterprises (MSMEs) as part of efforts to boost the formal economy. The initiative, driven by the Corporate Affairs Commission (CAC) in partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), is designed to remove financial barriers that have kept many businesses in the informal sector.

Through this scheme, the government will waive an estimated ₦3 billion in registration fees, covering business name registration for eligible enterprises. Beneficiaries will also be integrated into SMEDAN’s official MSME database, granting them access to government support programmes, training opportunities, funding schemes, and market linkages aimed at strengthening small business growth and sustainability.

According to officials, the programme aligns with the Renewed Hope Agenda of President Tinubu’s administration, which seeks to expand Nigeria’s tax base, formalize millions of businesses, and empower entrepreneurs to contribute more effectively to economic development. The government expressed optimism that the initiative will enhance resilience within the small business sector while driving inclusive growth across the country.