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Nigeria: CAC initiates registration for 2 million small businesses

The Corporate Affairs Commission has initiated the registration of 2 million small businesses to formalize the sector.

In a statement on Friday, the CAC announced that its Registrar-General, Hussaini Ishaq Magaji, disclosed this during a ceremony in Abuja.

He emphasized that the registration initiative, conducted in collaboration with Moniepont, aims to spur economic growth, promote regulatory adherence, and enhance economic development by boosting taxation revenue.

Addressing the commission’s challenge of low business registration rates, formalizing these enterprises becomes imperative for fostering economic growth and expanding access to financial opportunities.

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