The Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have unveiled a nationwide initiative to provide free business registration for 250,000 nano, micro, and small enterprises.
The scheme, announced in Abuja on Friday, was formalised through a Memorandum of Understanding between the two agencies and is part of activities marking the second year in office of CAC Registrar-General Hussaini Magaji and SMEDAN Director-General Charles Odii, both appointed in October 2023.
Business formalisation has long been a challenge for many Nigerian entrepreneurs, with costs, bureaucracy, and lack of awareness keeping millions in the informal sector. The CAC–SMEDAN scheme aims to remove these barriers by covering registration costs and linking beneficiaries directly to SMEDAN’s MSME database.
Through this database, registered businesses will gain access to aftercare services, including grants, training, technical support, and market linkages.
Magaji said the move aligns with ongoing reforms under President Bola Tinubu’s administration to expand opportunities for entrepreneurs. He noted that the Commission would forgo about N3 billion in registration fees to make the initiative possible.
“This drive is about breaking down the barriers that keep too many of our small businesses informal. By removing the cost of business name registration for 250,000 businesses, we are helping more entrepreneurs take the first step towards growth, legitimacy, and access to bigger opportunities,” he said.
On his part, SMEDAN DG Charles Odii said the initiative would reduce the number of illegal businesses and lower SME failure rates.
“Formalisation is the gateway to support. By ensuring these businesses are registered and onboarded into our database, we can provide continuous aftercare—whether through grants, training, or new markets,” Odii stated.
He added that entrepreneurs could apply by registering at portal.smedan.gov.ng, while SMEDAN state offices and Business Clinics would assist those less familiar with digital processes.
Both officials commended President Tinubu’s commitment to MSME development and the broader Renewed Hope Agenda, stressing that the programme reflects his vision of lowering barriers for entrepreneurs and strengthening Nigeria’s MSME ecosystem.
How to apply:
- Visit portal.smedan.gov.ng and complete the registration form.
- MSMEs already in SMEDAN’s database without CAC registration will automatically qualify.
- Registered entrepreneurs will be contacted with the next steps for CAC certification.
