Vice President Of Nigeria Osibanjo announces slash in business name registration fees

Nigeria is known for its complex process and overpriced government process, one of them being the registration of upcoming businesses.

Yesterday, Nigerian Vice President Yemi Osinbajo announced the government has approved a 90-day special window to register businesses at a reduced rate of N5,000 only from N10,000. Mr. Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President in Abuja, said that Osinbajo made the announcement in Enugu.

Osinbajo, who was quoted as making the announcement at the launch of the 19th edition of the Micro, Small and Medium Enterprises (MSMEs) Clinics in Enugu, said the special window of 90 spanned from Oct. 1 to Dec. 31. He said that the gesture was to further ease the process of registering MSMEs in the country.

It was observed during some of the earlier editions of the MSMEs Clinics that a lot of MSMEs were finding it difficult to register their businesses as a result of cost. The practice since we began the MSMEs clinics is that most agencies offer price reductions, especially for registration, and all other pre-investment approvals, during the Clinics. So, I am pleased to announce that the Federal Government, through the Corporate Affairs Commission, has approved a special window of 90 days from Oct. 1 to Dec. 31 to register businesses at a considerably reduced rate of N5,000 only, down from as much as N10,000 previously.’

He also announced the Federal Government’s willingness to partner with State governments in establishing more One-Stop Shops, to further enhance business registration and facilitate seamless interaction between owners of small businesses and the relevant regulatory agencies. The vice president said that the Federal Government was also aware that some States had gone on to set up ‘One-Stop Shops’ after the Clinics. According to him, the One-Stop Shops will bring all the relevant agencies together in one place so as to enable the MSMEs access their services on an ongoing basis.

This news presents an opportunity for Nigerian start-ups across all mediums to register their business names using the CAC portal.

Adedayo Laketu

Adedayo Laketu is a creative inventor who's interested in curating a New Age for Africa across all mediums.

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