Nigeria Extends 50% Discount For Business Name Registration

SAN FRANCISCO, May 06, (THEWILL) – Spurred by the successes recorded in the first 50% discount window for business registration in Nigeria, the federal government has directed the Corporate Affairs Commission, CAC, to extend by three months, the special window for MSMEs.

Vice President Yemi Osinbajo, SAN, gave the directive Monday at the first quarter MSMEs stakeholder meeting held at the Presidential Villa.

The special business name registration window of 50% discount was approved by government through the CAC to help to bring as many MSMEs to formalize their businesses.

The Vice President also directed the Standard Organisation of Nigeria (SON) and National Agency for Food and Drug Administration and Control (NAFDAC) to speedily harmonise issues relating to overlapping responsibilities for product registration.

In the same vein, Prof. Osinbajo directed relevant government agencies to speedily come up with better funding strategies for small businesses in the country.

Speaking to relevant government agencies at the stakeholders meeting, the Vice President noted that, “having listened to all the issues raised in the report and from your various contributions about funding, I think you should come up with suggestions on better funding for startups and MSMEs, we need to address this issue as quickly as possible.”

He said relevant agencies of government must ensure that loan beneficiaries were equipped with the necessary skills and knowledge to better manage their businesses.

Prof. Osinbajo urged regulators in the MSMEs sector to leverage technology to help build capacity for owners of small enterprises as well as broaden the impact of their interventions.

The meeting was attended by the Special Adviser to the President on Economic Matters, Ambassador Adeyemi Dipeolu, and heads of relevant agencies in the MSMEs sector including the BOI, Federal Inland Revenue Service, NEXIM Bank, Small and Medium Enterprises Development Agency of Nigeria, Development Bank of Nigeria, Nigerian Export Promotion Council, Bank of Agriculture, Standards Organisation of Nigeria, and NAFDAC.

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