FG cuts Cost of Registering Businesses to ₦5,000 for 3 Months

Prof Yemi Osinbajo, Vice President of the Federal Republic of Nigeria

The Federal Government has announced a cut in the cost of registering businesses in the country.

Guardian reports that this was revealed in a statement signed by Vice President Yemi Osinbajo‘s Senior Special Assistant on Media and Publicity Laolu Akande.

The statement was the Vice President’s speech at the launch of the 19th edition of the Micro, Small and Medium Enterprises (MSMEs) Clinics in Enugu State.

The cut from ₦10,000 to ₦5,000 will be available only for a 90-day window from October 1 – December 31.

It was observed during some of the earlier editions of the MSMEs Clinics that a lot of MSMEs were finding it difficult to register their businesses as a result of cost.

The practice since we began the MSMEs 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 Oct. 1 to Dec. 31 to register businesses at a considerably reduced rate of N5000 only, down from as much as N10,000 previously.

This will afford more MSMEs an opportunity to formalise their businesses.