Vice President Yemi Osinbajo has said the federal government has given a nod to a 90-day special window for registration of businesses with N5,000.
Iyano Oba Market in Lagos: Image: Juju Films

Vice President Yemi Osinbajo has said the federal government has given a nod to a 90-day special window for registration of businesses with N5,000.

Osinbajo said the development was meant to reduce the registration process for Micro, Small and Medium Enterprises in Nigeria.

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He noted this on Tuesday at the launch of the 19th edition of the National MSMEs Clinics in Enugu, Enugu State.

“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 vice president said.

“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 Monday, October 1 to December 31, 2018, to register businesses at a considerably reduced rate of N5,000 only, down from as much as N10,000 previously. This will afford more MSMEs an opportunity to formalise their businesses.”

Osinbajo added that “We will be establishing shared facilities for MSMEs based on a partnership between the Federal Government, interested states, the Bank of Industry, NEXIM Bank, FIRS, NAFDAC, SON and interested private sector partners, as part of our 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.

“The 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 the MSMEs to pursue these certifications by themselves.”