Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
President Bola Ahmed Tinubu has officially approved the free formalisation and corporate registration of 250,000 Micro, Small, and Medium Enterprises (MSMEs) across the 36 states of the federation and the Federal Capital Territory, in a major intervention aimed at removing financial barriers for small-scale entrepreneurs and integrating them into Nigeria's formal economy.
The announcement was made on Saturday, June 27, 2026, during the 8th National MSME Awards 2026 at the State House in Abuja. According to the presidency, the initiative is designed to help small business owners by eliminating the cost of registering their businesses, thereby bringing more enterprises into the formal banking and regulatory ecosystem.
Under the newly approved presidential directive, beneficiaries will receive full business name registrations with the Corporate Affairs Commission (CAC) without paying the standard statutory fees. Typically, registering a business with the CAC costs around ₦11,000, but through this programme, 250,000 businesses will now be able to access registration completely free of charge. The waiver represents a significant financial concession aimed at driving down the high mortality rate of small businesses nationwide.
Beyond the waiver of registration costs, the federal intervention package includes "moral support for business owners" alongside specialised "technical training for beneficiaries" to ensure long-term corporate survival. The government will provide business support and technical training to help entrepreneurs grow and sustain their businesses.
To access the federal government intervention, interested small business owners are required to log onto the official SMEDAN portal using the designation (#SMEDANGov) to complete their documentation and secure their onboarding slots. The implementation of this policy is driven through a strategic partnership involving the CAC and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Speaking at the 2026 Top Management Retreat of the Federal Ministry of Industry, Trade and Investment in Abuja, SMEDAN Director-General Charles Odii urged entrepreneurs to register their businesses at no cost, noting that the programme, approved by President Tinubu, was initially designed to formalise 250,000 businesses and has made significant progress. Odii added that formalisation supports Nigeria's Industrial Policy and enables businesses to access government support, financing, and growth opportunities. He also noted that SMEDAN is providing advisory services, capacity building, and access to finance, including N12 billion in interest-free loans for small businesses.
The free registration initiative is part of President Tinubu's Renewed Hope Initiative, which the federal government launched to support the formalisation of nano, micro, and small enterprises across the country. Officials involved in the programme said the fee waiver is a major government intervention aimed at reducing the high failure rate of small businesses nationwide.
The announcement has been widely welcomed by entrepreneurs and business advocacy groups, who see it as a significant step towards reducing the cost of doing business in Nigeria and encouraging the formalisation of the informal sector. By removing the financial barrier to registration, the government hopes to bring more businesses into the tax net, improve access to credit, and stimulate economic growth at the grassroots level.
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