In a move to bolster Nigeria’s Micro, Small, and Medium Enterprises (MSME) sector, the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have unveiled a nationwide drive to provide free business registration for 250,000 MSMEs across the country.
The initiative, launched in Abuja on Friday, September 26, follows the signing of a Memorandum of Understanding (MoU) between the two agencies.
The initiative aligns with the Federal Government’s Renewed Hope Agenda, which aims to promote economic inclusion and ease the cost of doing business for young entrepreneurs.
Speaking at the event, CAC Registrar-General, Hussaini Ishaq Magaji, SAN, described the scheme as “a deliberate effort to remove barriers that keep many businesses in the shadows of informality.” He explained that the free registration would enable small businesses to “gain access to credit, markets, and government interventions previously out of reach.”
On his part, Dr. Charles Odiil, Director-General of SMEDAN, said the collaboration marks a turning point in Nigeria’s MSME development journey.
According to him, “Formalization is the gateway to support. Once a business is registered, it becomes visible and can easily benefit from aftercare services such as grants, training, and market linkages.”
The partnership seeks to tackle long-standing challenges such as cost, bureaucracy, and lack of awareness, factors that have kept millions of entrepreneurs in the informal sector. Under the new scheme, CAC will forgo about N3 billion in registration fees, while SMEDAN will manage post-registration support through its comprehensive MSME database.
Businesses registered under the programme will enjoy access to technical support, funding opportunities, and capacity-building programmes designed to enhance sustainability and competitiveness.
Both agency heads reaffirmed their commitment to driving the initiative to every state, ensuring that no genuine entrepreneur is left behind. “This collaboration gives practical meaning to President Bola Tinubu’s Renewed Hope vision,” they jointly stated, emphasizing that the scheme represents a major investment in Nigeria’s economic future.
CAC: How to Apply
Interested MSMEs are advised to register via the SMEDAN portal. Applicants are to sign up, select “No” when asked if they already have a CAC number, and submit their details. Successful applicants will be contacted with further steps to finalize their free registration.
Meanwhile, MSMEs already listed on SMEDAN’s database but without CAC registration will automatically qualify for the free scheme.
The CAC–SMEDAN partnership, analysts say, could be a game-changer for Nigeria’s informal sector to unlock access to funding, mentorship, and the formal economy for thousands of small businesses nationwide.
Tribune Newspapers
Follow the OSUNDOTLIFE channel on WhatsAppKindly share this story | All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from OSUNDOTLIFE.
Contact: editor@osun.life
WhatsApp: 📲 +2348092333666