Nigeria slashes business name registration fee by half

Nigeria’s Vice President Yemi Osinbajo
has announced approval of a 90-day special window to register businesses
at a reduced rate of US$16.4 (N5,000 ) only from US$32.8.

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 said the action was taken to afford more MSMEs an opportunity to formalise their businesses.

Speaking on other initiatives by the Federal Government designed to consolidate the gains of the MSMEs Clinics, 
Osinbajo said that the Federal Government would be establishing shared facilities for MSMEs.

He said that the facilities would be
based on a partnership between the Federal Government, interested
States, Bank of Industry, NEXIM Bank, FIRS, NAFDAC, SON and interested
private sector partners, as part of 
efforts at deepening the impact of the Clinics.

“The purpose of these shared facilities
is to have a fully-equipped place with machinery and equipment required
for various trades and businesses. MSMEs can then do their businesses at
those locations at a reasonable cost.

“This way, MSMEs are spared the financial burden of having to buy their own equipment in order to be able to do business.

“Where possible, these shared facilities
would have been pre-certified by relevant agencies, removing the need
for MSMEs to pursue these certifications by themselves.’’

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.

“The Federal Government is also willing
to partner with your State Government to immediately set up one such
place for the good use of MSMEs in Enugu State,” he said.

Osinbajo also said there were follow-up
plans to ensure that all the finalists from the maiden edition of the
MSMEs Awards were supported with publicity and media exposure, to enable
them to reach even larger markets at home and
abroad.

He said that the ongoing disbursement of
collateral and interest-free loans given to petty traders under the GEEP
TraderMoni programme would soon be launched in Enugu.

Earlier in his remarks, Gov. Ifeanyi
Ugwuanyi of Enugu state said the State government had already keyed into
some of the social investment programmes initiated by the Federal
Government.

Ugwuanyi promised that the state would
continue to cooperate with all federal authorities to improve the
well-being of the people.

The governor expressed appreciation to
the Federal Government for inaugurating the National MSMEs Clinics in
the state as it would greatly improve the lives of many youths,
especially those seeking employment opportunities.