The Corporate Affairs Commission (CAC) has taken a significant step by embarking on the registration of 2 million small businesses, signaling a proactive effort to formalize and bring structure to this sector.
This initiative, as disclosed in a recent statement over the weekend, was announced by Hussaini Magaji, the Registrar-General of CAC, during a ceremony held in Abuja.
Magaji emphasized that the registration process is being carried out in collaboration with Moniepont, indicating a strategic partnership to facilitate the formalization of these businesses.
The primary objectives behind this registration drive include stimulating economic growth, promoting regulatory compliance, and encouraging overall economic development through increased taxation revenue.
The Corporate Affairs Commission has faced challenges related to the low registration of businesses in the country.
Recognizing the crucial role of these enterprises in the economic landscape, the formalization efforts are designed not only to streamline business operations but also to enhance their visibility, ensuring they become integral contributors to the broader economic framework.
By bringing these businesses into the formal sector, the initiative aims to open up avenues for financial opportunities, providing them with better access to credit and other resources necessary for sustained growth.