50% discount window for MSMEs name registration still open in Nigeria

 

In October 2018, the Federal Government through the Corporate Affairs Commission opens a 50% discount window for Micro, Small and Medium Enterprises to register their company names, which involved reducing the fee for the registration of a business name from N10,000 to N5,000 to help MSMEs formalise their operations.

The 50% discount window is still open, the Federal Government has extended the programme by three months and this would be the second time the government extended the programme by three months. If you operate a small-scale business and you haven’t registered a business name, you have the opportunity to do that with N5,000 in the next three months.

Micro, small and medium-sized enterprises (MSMEs) play a central role in any economy. They are a major source of entrepreneurial skills, innovation and employment. In Indonesia, the informal sector remained an important part of the workforce, accounting for 57.27%, 74.08 million people, of nationwide employment, though the informal sector has declined by 0.95%.

However, the CBN in collaboration with the Bankers’ Committee has developed a Creative Industry Financing Initiative (CIFI) to boost job creation for Nigerian youths, particularly in Fashion, Information Technology, Movie and Music.

Please visit: www.cbn.gov.ng.

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