The federal government has cut the cost of business registration in Nigeria to N5,000 only.
Vice President Yemi Osibanjo made this known at the launch of the 19th edition of the National MSMEs Clinic in Enugu.
The vice president said “It was observed during some of the earlier editions of the MSME 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 MSME 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 yesterday October 1st to Dec 31st 2018, to register businesses at a considerably reduced rate of N5000 only, down from as much as N10,000 previously. This will afford more MSMEs an opportunity to formalize their businesses”, he added.
This business registration bonanza is only for a period of a 90-day special window, making it easy for Nigerians to float their own businesses by removing all of the bottlenecks that made the endeavour such a huge task in the past.