The Corporate Affairs Commission (CAC) has announced plans to reduce the cost of small business registration from ₦10, 500 to ₦5, 500 in Nigeria.
The Acting Registrar General of the Commission, Azinge Azuka Obiageli said this in Abuja at a panel session during the Business Enhancement Round Table organised by Daily Trust Board of Economists.
The registrar, who spoke through the commission’s Deputy Director, Public Affairs, Mr. Moses Adaguusu, said the goal of the CAC is to make small business registration cheaper thereby simplify the process for rising entrepreneurs to register their businesses.
Registration is the very basic thing if you want to do business because you need an identity. Though the current registration plan is as cheap as ₦10, 500; it is not up to $30. But the commission has gone a step forward for businesses that are very small. We are reducing it to ₦5,500 just to encourage people to register because the benefits of registration are enormous,” Adeguusu said.
Obviously, this move was by the commission was initiated by complaints, of small business owners — made up of mostly students and small scale entrepreneurs –that the cost of business registration in Nigeria was still very unaffordable.
Other panelists at the discussion were representatives from the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Nigerian Association of Small and Medium Enterprises (NASME), Nigerian Association Of Small Scale Industrialists (NASSI) and Development Bank of Nigeria (DBN).
The Chief Economist of the DBN, Prof. Joseph Nnana, also chipped in his cent.
It is important for small scale business owners to register their business because it is the first criteria to obtaining a credit facility from banks” he said.
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