SMEs to register business with N5000 from May 1, says Osinbajo

The business registration will cost only N5000 from May 1 to July 31, Vice-president Yemi Osinbajo has said. 

Spurred by the successes recorded in the first 50% discount window for business registration in Nigeria, the federal government has directed the Corporate Affairs Commission (CAC) to extend by three months, the special window for MSMEs.

According to a statement by Laolu Akande, special assistant to the VP on media and publicity, Osinbajo gave the directive on Monday at the first quarter MSMEs stakeholder meeting held at the Presidential Villa.

The special business name registration window of 50% discount was granted by the Federal Government through the Corporate Affairs Commission to help to bring as many MSMEs to formalize their businesses.

The vice-president also directed the Standard Organisation of Nigeria (SON) and National Agency for Food and Drug Administration and Control (NAFDAC) to speedily harmonise issues relating to overlapping responsibilities for product registration.

In the same vein, Osinbajo directed relevant government agencies to speedily come up with better funding strategies for small businesses in the country.

Speaking to relevant government agencies at the stakeholders meeting, he noted that, “having listened to all the issues raised in the report and from your various contributions about funding, I think you should come up with suggestions on better funding for startups and MSMEs, we need to address this issue as quickly as possible.”

He said relevant agencies of government must ensure that loan beneficiaries were equipped with the necessary skills and knowledge to better manage their businesses.