Vice President Yemi Osinbajo has said that for the next 90 days – October 1 to December 31 – registration of businesses which was N10,000 will be N5,000.
Osinbajo made the development known at the 19th edition of the Micro, Small and Medium Enterprises (MSMEs) Clinics in Enugu.
“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,” Osinbajo said, according to a statemen by his media aide, Laolu Akande.
“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.”
The Vice President also added that business owners will share some facilities with some Federal Government businesses such as SON, NAFDAC, and some other private sectors, in order for them to be fully equipped in business.
“The purpose of these shared facilities is to have a fully-equipped place with machinery and equipment required for various trades and businesses. MSMEs can then do their businesses at those locations at a reasonable cost,
“This way, MSMEs are spared the financial burden of having to buy their own equipment in order to be able to do business.
“Where possible, these shared facilities would have been pre-certified by relevant agencies, removing the need for MSMEs to pursue these certifications by themselves,” he said.