The Federal Government (FG) has said 100,000 Small and Medium Enterprises (MSMEs) have benefitted from free Corporate Affairs Commission (CAC) registration.
The Federal Government, under the N75 billion survival fund scheme, aims to register 250,000 new businesses from all parts of the country with the CAC free of charge. It also includes the payroll support and guaranteed off take schemes.
It said that out of the 100,000 businesses, 92,000 are owned by youth and the remaining 8,000 businesses are owned by others.
The free business name registration, which commenced in October 2020, is part of government’s efforts to cushion the impact of the coronavirus outbreak on businesses.
The FG announced this via its Twitter handle @NigeriaGov on Wednesday, saying “Pleased to announce that we have hit a milestone of 100,000 Business Names registered free of charge by @cacnigeria1 as part of the @SurvivalFund_ng. Registering these existing and new businesses brings them into the formal economy, with benefits for the Govt and the businesses,” the tweet read.
Recently, the FG announced that it had extended registration for the payroll support scheme to enable some states meet their quota.
Excluding Benue, Plateau, Bauchi, Kano, Kaduna, Rivers and the federal capital territory (FCT) from states eligible to register, it said the survival fund payroll support portal would be reopened from January 27th to February 2nd, 2021 for businesses across education, hospitality and general sector.