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Nigeria business registration fee reduced to N5,000

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Nigeria’s Vice President Yemi Osinbajo has announced a 90-day special window to register business names at a reduced rate of N5,000 (approximately US$ 16.4), as opposed to the normal amount of N10,000 (US$32.8).

Osinbajo said at the launch of the 19th edition of the Micro, Small and Medium Enterprises (MSMEs) Clinics in Enugu that the special window spanned from 1 October to 31 December 2018.

Laolu Akande, who is the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President in Abuja, quoted Osinbajo as saying that the gesture was to further ease the process of registering MSMEs in the country.

“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.

“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 N5,000 only, down from as much as N10,000 previously,’’ he said.

He said the action was taken to afford more MSMEs an opportunity to formalise their businesses.

– APA

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