In a major move to boost the formalisation of small businesses, the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have launched a nationwide programme offering free business registration for 250,000 nano, micro, and small enterprises.
The announcement was made in Abuja on Friday during the official signing of a Memorandum of Understanding (MoU) between the two agencies, part of events marking the two-year anniversaries of CAC Registrar-General Hussaini Magaji and SMEDAN Director-General Charles Odii, both of whom were appointed in October 2023.
For millions of Nigerian entrepreneurs, the costs and complexities of registration have long been obstacles to formalising their businesses. As a result, many MSMEs operate informally, limiting access to financing, structured markets, and government support.
The new CAC-SMEDAN initiative seeks to address that gap by:
- Waiving registration fees for 250,000 small businesses,
- Onboarding all beneficiaries into SMEDAN’s MSME database, and
- Providing access to aftercare services including grants, technical training, and market linkages.
Speaking at the launch event, CAC Registrar-General Hussaini Magaji said the scheme is in line with President Bola Tinubu’s broader economic reform agenda focused on unlocking opportunities for small businesses.
“This drive is about breaking down the barriers that keep too many of our small businesses informal,” Magaji said. “By removing the cost of business name registration for 250,000 businesses, we are helping entrepreneurs take the first step toward growth, legitimacy, and access to bigger opportunities.”
He revealed that CAC is forgoing nearly ₦3 billion in potential registration revenue to make the initiative possible.
Magaji also referenced recent government reforms that support business development, including:
- The unification of the naira exchange rate,
- Historic infrastructure investments, and
- The ₦200 billion support fund for nano businesses and manufacturers.
Also speaking at the event, SMEDAN Director-General Charles Odii said the initiative was critical to lowering the rate of unregistered and struggling businesses.
“Formalisation is the gateway to support,” Odii said. “Once a business is in our database, we can provide them access to grants, skills training, technical assistance, and even international markets.”
Odii explained that entrepreneurs can begin the process by registering at:
🔗 portal.smedan.gov.ng
For business owners unfamiliar with digital platforms, SMEDAN’s state offices and Business Clinics nationwide will offer physical onboarding support.
Addressing concerns over taxation, Odii clarified that the new tax reforms taking effect in 2026 will raise exemption thresholds, ensuring that newly registered small businesses will not be burdened by taxes.
He also assured applicants that an upcoming CAC fee review will not impact this initiative.
“Regardless of the review, 250,000 small businesses across the 36 states and the FCT will enjoy free registration,” he said.
Both Magaji and Odii praised President Bola Tinubu for his commitment to MSME development under the Renewed Hope Agenda, saying the free registration programme is a clear demonstration of the administration’s promise to empower entrepreneurs and stimulate inclusive economic growth.
Eligible business owners can apply through: SMEDAN Portal – portal.smedan.gov.ng or visit the nearest SMEDAN State Office or Business Clinic for in-person assistance.
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