FG to Register 250,000 Businesses for Free as SMEDAN Opens Portal for MSMEs

• Nigeria has government approved free registration for 250,000 MSMEs to aid formalisation and business growth
• SMEDAN will facilitate simple, digital registration process for eligible businesses at no cost
• The initiative aims to improve access to credit and support post-COVID recovery for small enterprises

The Federal Government has approved the free registration of 250,000 micro, small and medium enterprises (MSMEs) across Nigeria, in a move aimed at deepening formalisation, improving access to credit and supporting business growth.

The initiative is being implemented by the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in partnership with the Corporate Affairs Commission (CAC).

It allows eligible business owners to register their enterprises at no cost through the SMEDAN portal.

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How the free registration works

Director General of SMEDAN, Dr Charles Odii, announced the development in Abuja on Wednesday during a stakeholder engagement on Nigeria’s new tax laws.

According to Odii, the process is simple and fully digital. Interested MSMEs are required to visit the SMEDAN website and complete their registration.

Once the process is concluded, SMEDAN forwards the details to the CAC for official registration, entirely free of charge.

“SMEDAN has gotten a presidential approval for the registration of 250,000 businesses for free,” Odii said. “What MSMEs need to do is just go to the SMEDAN website and register their business, and when they are done, SMEDAN will pass it to CAC free of charge.”

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The programme is expected to reduce one of the biggest barriers faced by small businesses, the cost and complexity of formal registration.

Nigeria’s SME numbers and post-COVID recovery

Odii also provided updated data on Nigeria’s SME landscape, highlighting the impact of the COVID-19 pandemic on the sector.

“Before COVID, when we counted the SMEs we had in Nigeria, there were approximately 41 million.

After COVID, we lost approximately three million SMEs,” he said. “The current statistics right now show that we have 39,224,380 SMEs.”

He noted that the free registration drive is part of a broader effort to rebuild and strengthen the sector, which remains the backbone of Nigeria’s economy.

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Focus on credit, grants and state partnerships

Beyond registration, SMEDAN says it is working to improve access to finance for small businesses, particularly through single-digit interest loans and grants.

“We want to make this better by improving access to credit, especially single-digit interest loans and grants,” Odii said.

He added that the agency has signed memoranda of understanding with several state governments to expand MSME support at the subnational level. States mentioned include Katsina, Anambra and Zamfara, among others.

Tax reforms to ease pressure on businesses

Also speaking at the event, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal and Tax Reforms, said the new tax laws are designed to ease the burden on workers and businesses rather than increase taxes.

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According to him, 98 per cent of low- and middle-income earners will pay less tax under the current framework.

“You cannot build a society where you don’t allow businesses to breathe,” Oyedele said. “The secret to success for any society is when we allow these 35 million big, nano, micro and small and medium businesses to grow.”

According to a report by Daily Trust, the free business registration initiative is expected to support this goal by bringing more enterprises into the formal economy and positioning them for sustainable growth.

How to apply for FG’s ₦500,000 YEIDEP Grant

Legit.ng earlier reported that the federal government has reopened the application portal for Batch B of the Youth Economic Intervention and De-Radicalisation Programme (YEIDEP), offering young Nigerians grants ranging from ₦50,000 to ₦500,000, alongside training and mentorship.

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The programme targets youth with viable business ideas who need capital and support to start or scale.

Below is a clear, practical guide covering eligibility, funding details, application steps, timelines, and tips to improve approval chances.

Source: Legit.ng