CAC Partners MSMEs To Revamp Economy

CAC Partners MSMEs To  Revamp Economy
ndic advert

By Mariam Sanni,  Abuja 

The Acting Registrar  General,  Corporate Affairs Commission,  CAC,  Lady Azuka  Azinge assured that the commission will continually work with  Micro  Small and Medium Enterprises MSMEs to revamp the sector. 
Azinge disclosed this during the commission’s customers,  stakeholders forum in Kano,  stating that one of the major thrust of the administration is to revamp the Nigerian economy through support for  MSMEs.

She said,  “The commission is working closely with several MSMEs whose activities contribute in no small measure to the development of the economy.  
“The commission is working very closely with several MSMEs across the country to realize this lofty objective.  
“On the 1st October  2018, the commission launched the Business Incentive Strategy BIS. Under the  BIS the cost of business registration had been reduced from  N10,000 to N5,000 for an initial three months period. 
“It was recently extended for a further period of three months,  1st  January to  31st March 2019, to enable MSMEs to register their business with the commission. 
“During the initial three months of the  BIS,  registration increased tremendously.  April to  June  2nd  quarter,  30,941. July to September 2018. 32, 504. Oct 1st 2018, 66,687.  Oct 1 to  December  31, 2017 23,539. Oct 1 to December  31 2016. 20,600.”
She added that from the above,  it is evident that the  BIS  is achieving of ensuring the formalisation of  MSMEs and economic growth.  The commission remains resolute in reviewing it’s process regularly.”
In that regard work is at an advanced stage to amend its enabling law,  the companies and Allied  Matters Act,  CAMA  in collaboration with the  National Assembly.  The amendment is aimed inter alia at enhancing the commission ‘s supervisory and regulatory powers.

Also Read:  Business Owners In Akwa Ibom Groan Over Hike In Fuel Price, Electricity Tariff

Tags assigned to this article: