From May 1 to July 31, business
registration will cost only N5000, Vice-president Yemi Osinbajo has said.
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.
According to a statement by Laolu
Akande, special assistant to the VP on media and publicity, Osinbajo gave the
directive on Monday at the first quarter MSMEs stakeholder meeting held at the
Presidential Villa.
The special business name
registration window of 50% discount was granted by the Federal Government
through the Corporate Affairs Commission 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, 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, he 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.
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.
Earlier, a presentation on the
national MSMEs clinics indicated that the clinics have been held in 23 states
of the federation while one-stop-shops have been established in seven cities
and shared facilities built in Oyo and Bauchi states.
OVER 100,000 BUSINESSES
REGISTERED IN SIX MONTHS
The report also indicated that
business registration increased from 54,000 to 163,000 within six months of
introducing the special window for subsidized registration costs.
In his remark, Kayode Pitan, the
managing director of the Bank of Industry (BOI), emphasized the need for MSMEs
to establish a company to de-risk BOI loans to MSMEs.
He said the organization was
working in partnership with the Development Bank of Nigeria to enhance access
to finance for MSMEs by providing a guarantee for commercial banks.
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