Tinubu's Nigeria targets 250,000 informal businesses for formalisation support

In a significant move to bolster Nigeria's economy, the Federal Government has launched an initiative to provide free formalisation and registration to 250,000 Micro, Small and Medium Enterprises (MSMEs) across the country. This programme, which falls under President Bola Tinubu's Renewed Hope Agenda, aims to expand the nation's formal business sector and foster entrepreneurship. The Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have partnered to implement this scheme, which will waive all statutory business registration fees for eligible businesses. As a result, many small businesses that were previously hindered by financial barriers can now formalise their operations. The programme is open to entrepreneurs in all 36 states and the Federal Capital Territory, and applicants must own an unregistered business to qualify. Eligible businesses include retail shops, fashion and tailoring enterprises, farms, technology service providers, and other genuine nano, micro and small enterprises. To register, applicants must visit the SMEDAN portal, provide a valid email address and telephone number, and complete their business profile with details such as 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), and their applications will be transmitted electronically to the CAC for business name reservation and registration at no cost. Successful applicants will receive their digital CAC Certificate of Registration by email. According to the government, formal business registration will enable entrepreneurs to access government grants and intervention programmes, open corporate bank accounts, and benefit from business development support and technical training. It will also improve their access to finance and investment opportunities and enhance their credibility in local and international markets. The government estimates that approximately ₦3 billion in registration fees will be waived under this programme, allowing 250,000 nano, micro and small enterprises to join Nigeria's formal economy. The initiative is part of broader efforts to promote entrepreneurship, create jobs, improve financial inclusion, and strengthen the contribution of small businesses to Nigeria's economic growth.