Osinbajo Announces Price Slash in Business Name Registration Fees By 50 Percent

Prof Yemi Osinbanjo

The Nigerian government has approved a 90-day special window for small-scale business owners to register businesses at a reduced rate of N5,000 ($14) only.

The government said the gesture was to ease the process of registering Micro, Small and Medium Enterprises (MSMEs) across the country.

Nigeria's vice president, Prof. Yemi Osinbajo, stated this on Tuesday, October 2, 2018, during the 19th edition of the Micro, Small and Medium Enterprises Clinic in a Southeastern state, Enugu.

MSMEs though small in units, account for 50% of our GDP collectively. It is why President Buhari is committed to improving the MSME experience through the @msmeclinicsng with Access to Finance, Business Registration, Product registration and certification. pic.twitter.com/T2VdVBP1hf

— Prof Yemi Osinbajo (@ProfOsinbajo) October 2, 2018

“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 October 1 to December 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,” Laolu Akande, media aide to the Vice President, said in a statement.

The government also advised state government to step up a “one-stop shops” for all relevant agencies together in one place so as to enable the MSMEs access their services on an ongoing basis.

Before now, Nigeria's corporate affairs commission pegged the cost of business registration at N10,500. Company name reservation at N500 and N10,000 as a filing fee.