FG begins free registration of 250,000 small businesses under Renewed Hope Agenda

Business, Entrepreneurship & SMEs

ABUJA, Nigeria (NPA) — The Federal Government has commenced the free formalisation and registration of 250,000 Micro, Small and Medium Enterprises (MSMEs) across Nigeria in a major initiative aimed at expanding the country’s formal business sector and supporting entrepreneurship.

The programme, approved by President Bola Tinubu under the Renewed Hope Agenda, is being implemented through a partnership between the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

Under the initiative, the Federal Government will waive all statutory business registration fees, removing one of the biggest financial barriers preventing many small businesses from formalising their operations.

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According to the government, the programme is open to eligible entrepreneurs in all 36 states and the Federal Capital Territory on a first-come, first-served basis.

To qualify, applicants must own an unregistered business and register it as a Business Name under either a sole proprietorship or a partnership.

The scheme does not cover Limited Liability Companies (Ltd) or Non-Governmental Organisations (NGOs).

Eligible businesses include retail shops, fashion and tailoring enterprises, farms, technology service providers, artisan businesses and other genuine nano, micro and small enterprises.

Applicants are required to register on the SMEDAN portal using a valid email address and telephone number before completing their business profile with details including their proposed business name, business sector, owner’s information and National Identification Number (NIN).

Upon submission, applicants will receive a SMEDAN Unique Identification Number (SUIN), after which their applications will be transmitted electronically to the Corporate Affairs Commission for business name reservation and registration at no cost.

Successful applicants will receive their digital CAC Certificate of Registration by email.

The Federal Government said formal business registration would enable entrepreneurs to access government grants and intervention programmes, open corporate bank accounts, benefit from business development support and technical training, improve access to finance and investment opportunities, and enhance their credibility in local and international markets.

Government estimates indicate that approximately ₦3 billion in registration fees will be waived under the programme, enabling 250,000 nano, micro and small enterprises to join Nigeria’s formal economy.

The government also assured entrepreneurs that registration under the initiative does not automatically impose immediate tax obligations, noting that eligible small businesses will continue to benefit from existing tax exemption thresholds under Nigeria’s updated tax framework.

According to the Federal Government, the initiative forms part of broader efforts to promote entrepreneurship, create jobs, improve financial inclusion and strengthen the contribution of small businesses to Nigeria’s economic growth.