The Federal Government has commenced applications for the free registration of 250,000 Micro, Small and Medium Enterprises (MSMEs) under the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Corporate Affairs Commission (CAC) formalisation programme.
The initiative, approved by President Bola Tinubu, seeks to eliminate the financial burden associated with business registration for eligible nano, micro and small enterprises, encouraging more entrepreneurs to operate within Nigeria’s formal economy.
Under the programme, successful applicants will enjoy free Business Name registration with the Corporate Affairs Commission, while the Federal Government will pay all statutory registration fees on their behalf.
The programme was officially unveiled by the Presidency during the 8th National MSME Awards held at the State House in Abuja on June 27.
In addition to free CAC registration, beneficiaries will receive business development services, technical training and other forms of support designed to improve the sustainability and expansion of their enterprises.
Application process
Interested business owners are required to complete the following steps to participate in the programme:
- Visit the official SMEDAN registration portal at portal.smedan.gov.ng.
- Create a personal account using the required details, including full name, email address, phone number and a password.
- Fill in the MSME registration form with accurate information about the business.
- When asked whether the business already has a Corporate Affairs Commission registration number, select “No.”
- Carefully review all the information provided before submitting the application.
- Await notification from SMEDAN regarding the outcome of the application.
The government also disclosed that businesses already captured in the SMEDAN database but yet to obtain CAC registration may automatically qualify for the initiative.
Applicants whose submissions are approved will subsequently receive communication from SMEDAN outlining the procedures for completing their free Business Name registration with the Corporate Affairs Commission.
The programme follows the signing of a Memorandum of Understanding between SMEDAN and the Corporate Affairs Commission, which aims to formalise 250,000 nano, micro and small enterprises across Nigeria.
Earlier this year, President Tinubu approved the free formalisation and corporate registration of 250,000 MSMEs nationwide as part of efforts to promote entrepreneurship and strengthen the country’s small business sector.
The approval was announced during the 8th National MSME Awards held at the Presidential Villa in Abuja.
According to the Presidency, the initiative is intended to eliminate one of the major barriers facing small business owners by removing registration costs and integrating more businesses into Nigeria’s formal financial, regulatory and banking systems.
Government officials believe the programme will not only improve access to financial services and government support programmes but also enhance the credibility, growth and long-term sustainability of participating businesses.
The initiative is also expected to encourage more entrepreneurs to formalise their operations, making them eligible for grants, loans, investment opportunities and other incentives available only to registered businesses.
