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FG Approves 90-Day Special Window For MSMEs Registration Effective From Oct 1

In its bid to further ease the process of registering Micro, Small and Medium Enterprises (MSMEs) in the country, Vice President Yemi Osinbajo Tuesday, announced the Federal Government’s approval of a 90-day special window to register businesses at a reduced rate of N5000 only. The Vice President who made the disclosure on Tuesday at the launch of the 19th edition of the National MSMEs Clinics in Enugu, Enugu State, said the special window of 90 days starts from October 1st to Dec 31st 2018.

 

According to Prof. Osinbajo, “It was observed during some of the earlier editions of the MSME 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 MSME 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 yesterday October 1st to Dec 31st 2018, 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 formalize their businesses.”   

 

Speaking on other initiatives by the Federal Government designed to consolidate the gains of the MSMEs Clinics, Prof. Osinbajo said, “we will be establishing shared facilities for MSMEs based on a partnership between the Federal Government, interested States, Bank of Industry, NEXIM Bank, FIRS, NAFDAC, SON and interested private sector partners, as part of our efforts at deepening the impact of the Clinics.” He also announced the Federal Government’s willingness to partner with State governments in establishing more One-Stop Shops, to further enhance business registration and facilitate seamless interaction between owners of small businesses and the relevant regulatory agencies

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