Nigeria Adopts New Strategy To Deepen MSMEs, Approves Extra 90 Days For Business Name Registration-CAC

By Fred Brains On May 12, 2019

The Nigerian Government has directed its agency in charge of business registrations, the Corporate Affairs Commission to further extend the grace period for the registration of small and petty businesses in the country at a reduced cost of 50% by three months
In order to give opportunity to Micro, Small and Medium Scale Enterprises (MSMEs) who could not register their businesses in the first and second phases of the Business Incentive Strategy (BIS), Nigeria’s Vice President, Prof. Yemi Osinbajo, directed the Corporate Affairs Commission to further extend the window for registration of Business Names at the reduced cost of N5,000.00 by 90 days.
The Ag. Registrar General, Corporate Affairs commission, Lady Azuka Azinge who disclosed this to newsmen in Abuja over the weekend said the move was inline with President Muhammadu Buhari led administration’s drive to support and encourage ownership of MSMEs for the economic growth and development of the country.
It would be recalled that CAC under its Business Incentive Strategy (BIS), had reduced the cost of Business Names registration from N10,000 to N5,000 for a period of three months from 1st October to 31st December 2018.
Upon expiration of the initial three months window, the Commission received several requests from Stakeholders and the public, and extended same for another period of three months from1st January to 31st March 2019 due to popular demand, particularly from State Governments, Lady Azinge stated that the third extension will deepen the success achieved in the first and second phases and will run from Monday, 13th May to 13th August, 2019.
She enjoined members of the public to take advantage of the further extension to register their Business Names at the reduced cost of N5,000.
In a related development, Lady Azinge revealed that the companies and Allied Matters Amendment Bill had since been passed by the National Assembly and was awaiting Presidential ASSENT.
According to Lady Azinge, the amendment is aimed at enhancing the Commission’s supervisory and regulatory powers.
The amendment specifically seeks to: Ease starting and growing businesses in
Nigeria, ensure more appropriate regulation for MSMEs, enhance transparency and shareholder engagement, align regulatory framework with international best practice,
and make Nigeria an investment destination of choice.
The CAC boss however, expressed optimism that given the importance of the CAM Amendment Bill and its significance for the business environment, same will soon be assented to by President Muhammadu Buhari.
She further seized the opportunity to commend the National Assembly for the timely passage of the CAMA Bill as well as the support of the Presidential Enabling Business Environment Council (PEBEC) to the Commission’s reform initiatives, stakeholders and the Media for their unalloyed support to the Commission.