FG cuts Cost of Registering Businesses to ₦5,000 over the next 3 Months

The Federal governement of Nigeria has reduced the price for registering businesses from ₦10,000 to ₦5,000 from October 1st – December 31st. This was done to encourage small and medium scale business owners to register their businesses. This announcement comes as a blessing to many who found the previous price too high.

At the launch of the 19th edition of the Micro, Small and Medium Enterprises (MSMEs) Clinics in Enugu State. The Vice President said during his speech, ”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 N5000 only, down from as much as N10,000 previously.

This will afford more MSMEs an opportunity to formalise their businesses.”

This development could not have come at a better time as the high cost of living that occurred as a result of the never ending recession has been affecting Nigerians increasingly everyday.

It could however, be a way to gain favour in the eyes of the youths of Enugu state as election season grows nearer. Photo Credit: Getty