250,000 MSMEs to benefit from CAC, SMEDAN free business registration

By Omodele Adigun

No fewer than 250,000 nano, micro, and small enterprises will benefit from the free business registration of the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

In a statement issued by both agencies on Friday, the agencies signed a Memorandum of Understanding to launch a nationwide scheme.

The statement noted that the campaign forms part of activities marking the second year in office of CAC Registrar-General Hussaini Magaji and SMEDAN Director-General Charles Odii, who were both appointed in October 2023.

Many small businesses have been denied access to finance, markets and government support due to the absence of formalisation.

The new CAC–SMEDAN scheme removes these barriers by covering the cost of registration and linking beneficiaries directly to SMEDAN’s MSME database.

Through this database, registered businesses will gain access to aftercare and opportunities such as grants, capacity-building programmes, technical support, and market linkages.

Speaking at the event, the CAC Registrar-General said ongoing reforms under President Bola Tinubu’s administration were designed to expand opportunities for small businesses and entrepreneurs across the country.

Highlighting recent policies, he noted that Nigeria was “witnessing unprecedented investment in infrastructure, the unification of the exchange rate, and targeted support such as the N200bn economic assistance programme for nano businesses, SMEs and manufacturers.

“This drive is about breaking down the barriers that keep too many of our small businesses informal. By removing the cost of business name registration for 250,000 businesses, we are helping more entrepreneurs take the first step towards growth, legitimacy, and access to bigger opportunities. It is also an investment in the MSME ecosystem, as the Commission is forgoing approximately N3bn in registration fees to make this possible.”

SMEDAN Director-General Charles Odii added that the initiative aims to reduce the number of illegal businesses and decrease the collapse rate of SMEs in Nigeria.

“Formalisation is the gateway to support. By ensuring these businesses are registered and onboarded into our database, we can provide continuous aftercare, whether that is access to grants, training, or new markets. The first step for any MSME wishing to benefit is to register on our portal at portal.smedan.gov.ng.

“Every MSME in our database without CAC registration will be offered this free registration initiative. For those who are not digital natives, SMEDAN State Offices nationwide will provide support, and at physical events such as our Business Clinics, the agency will also be available to onboard entrepreneurs.

“Importantly, the fear of taxation, which often discourages small businesses, has been addressed by reforms in the new tax framework coming into effect in 2026, which raise the exemption threshold. This collaboration with CAC is a practical way to give real meaning to the Renewed Hope agenda for our entrepreneurs,” Odii said.

Odii revealed that the upcoming CAC fee review would not affect the free registration of businesses.

“CAC is about to review its fees. But irrespective of that review, 250,000 small businesses across the 36 states and the Federal Capital Territory will get free registration,” he added.

Both officials praised President Tinubu for his strong and meaningful commitment to MSME development and the broader economic agenda, noting that the initiative reflects his vision of lowering barriers for entrepreneurs and creating an enabling environment for growth.

How to apply:

1. Visit portal.smedan.gov.ng and complete the registration form.
2. MSMEs already on SMEDAN’s database without CAC registration will automatically qualify for the free registration drive.
3. Once registered with SMEDAN, beneficiaries will be contacted with the next steps for CAC certification.