The Nigerian government has approved a 90-day special window for small-scale business owners to register businesses at a reduced rate of N5,000.
The government said the gesture was to ease the process of registering Micro, Small and Medium Enterprises (MSMEs) across the country.
Nigeria’s vice president, Prof. Yemi Osinbajo, made the announcement at the 19th edition of the Micro, Small and Medium Enterprises Clinic in a Southeastern state, Enugu. The special window will run from October 1 to December 31, 2018.
“It was observed during some of the earlier editions of the MSMEs Clinics that a lot of MSMEs were finding it difficult to register their businesses as a result of cost.
VP Osinbajo arrives Kaduna to launch the 20th-State edition of the Msmes clinics and also assess the progress of the N10,000 collateral & interest free Trader Moni in the State
— Laolu Akande (@akandeoj) October 4, 2018
VP Osinbajo with Gov Rufai now at the Kaduna Tech Hub interacting with tech innovators & trainees
— Laolu Akande (@akandeoj) October 4, 2018
As VP continues interaction with MSMEs & entrepreneurs. Gov Rufai says to the VP "the Social Investment Programmes that you have championed" have provided manpower to many State govts including here in Kaduna. NPower beneficiaries indeed also came out to welcome VP @ the event.
— Laolu Akande (@akandeoj) October 4, 2018
“The practice since we began the MSMEs clinics is that most agencies offer price reductions, especially for registration, and all other pre-investment approvals, during the Clinics.
“So, I am pleased to announce that the Federal Government, through the Corporate Affairs Commission, has approved a special window of 90 days from October 1 to December 31 to register businesses at a considerably reduced rate of N5000 only, down from as much as N10,000 previously.
“This will afford more MSMEs an opportunity to formalise their businesses,” Laolu Akande, media aide to the Vice President, said in a statement.
The government also advised state government to step up a “one-stop shops” for all relevant agencies together in one place so as to enable the MSMEs access their services on an ongoing basis.
Before now, Nigeria’s corporate affairs commission pegged the cost of business registration at N10,500. Company name reservation at N500 and N10,000 as a filing fee.
