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Nigeria slashes cost of registering small businesses by 60 percent

The Nigerian government says it has reduced the cost of registering Small and Medium-scale Enterprises (SMEs) with the Corporate Affairs Commission (CAC) by 60 percent.Nigeria’s Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, told the 8th annual Micro, Small and Medium Enterprises’ finance conference on Tuesday in Abuja that the decision underscored the importance of the sector to poverty reduction, job creation and inclusive growth.

He said that since SMEs accounted for about 80 percent of businesses registered with the CAC as well as contributing about 50 percent to the country’s Gross Domestic Product, there was a need to remove all factors that would impede their development.

“The administration has made it a matter of importance to support MSMEs in certain key areas – access to affordable finance, which we are doing here today; access to markets, formalisation of businesses, skill acquisition, and provision of infrastructure to reduce the cost of doing business for SMEs, he said.

He added that the N220bn (about $1.46bn) facility, whose disbursement was inaugurated at the event by President Jonathan, would help not only to empower the SMEs, but address the access to financing needs of the sector in an efficient and sustainable manner.


About TransformationWatch

TransformationWatch is an online news site founded by Henry Omoregie It is focused on keeping tabs on the Transformation Agenda set out by the Nigerian leadership in the Local, State and Federal Governments. My mission is to observe, analyze and report milestones or slowdowns in promised service delivery in all the facets of governance in Nigeria (2011 and beyond). Readership is open to all Nigerians and friends of Nigeria alike, regardless of Tribe, Religion or Political divide. We are all in this together


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