In a major move to boost the formalisation of small businesses in Nigeria, the Corporate Affairs Commission (CAC) in partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has unveiled a free business registration scheme targeting 250,000 nano, micro, and small enterprises (MSMEs) nationwide.
The initiative was officially launched in Abuja on Friday during the signing of a Memorandum of Understanding (MoU) between both agencies, marking part of the activities commemorating two years in office of CAC Registrar-General, Hussaini Ishaq Magaji, SAN, and SMEDAN Director-General, Dr. Charles Odii, who were appointed in October 2023.
Speaking at the event, Magaji highlighted that many small businesses in Nigeria remain stuck in the informal sector due to financial constraints, bureaucratic red tape, and lack of awareness.
“Formalization has long been a hurdle for many small businesses. This new CAC–SMEDAN scheme removes those barriers by covering the cost of registration and linking beneficiaries directly to SMEDAN’s MSME database,” he said.
Magaji noted that through this initiative, the CAC is forgoing about ₦3 billion in registration fees to support small business growth and economic inclusion.
“By removing the cost of business name registration for 250,000 businesses, we are helping more entrepreneurs take the first step toward growth, legitimacy, and access to bigger opportunities. It is also an investment in the MSME ecosystem,” he added.
In his remarks, Dr. Charles Odii emphasized that formal registration is the gateway to support, stating that once businesses are onboarded into SMEDAN’s database, they will be eligible for various interventions.
“We can provide continuous aftercare, whether that’s access to grants, training, or new markets. The first step for any MSME wishing to benefit is to register on our portal at http://portal.smedan.gov.ng,” Odii said.
For entrepreneurs with limited internet access or digital literacy, SMEDAN’s State Offices across the country will offer support, and the agency will also assist with onboarding at Business Clinics and physical events nationwide.
The free registration initiative is expected to give a significant boost to Nigeria’s efforts in expanding its formal economy, improving access to finance, and empowering grassroots entrepreneurs across sectors.
To apply for free business registration, visit: http://portal.smedan.gov.ng
