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CAC Free Business Name Registration for 250,000 Businesses in Nigeria

Last week, the federal government of Nigeria, announced the launch of the National MSMEs Survival Fund, designed to help cushion the effect of the Coronavirus pandemic on the most vulnerable MSMEs across Nigeria.

During the official flag-off held in Abuja, the Minister of State for Industry, Trade and Investment, Ambassador Mariam Katagum, said the intervention which will gulp a total of N75 billion is a core part of the N2.3 trillion Nigeria Economic Sustainability Plan (NESP) currently being implemented by the President Muhammadu Buhari-led administration to help cushion the impact of the pandemic with a view to boosting the economy by saving existing jobs and creating new job opportunities.

Speaking at a press briefing to announce the commencement of the MSMEs Survival Fund, the minister said the schemes will be implemented over an initial period of three months in order to provide immediate relief from the economic impact of COVID-19.

She said going by recent statistics released by Small and Medium Enterprises Development of Nigeria (SMEDAN) and the National Bureau of Statistics (NBS), indicating that over 95 per cent of the 41 million MSMEs in the country are micro businesses, the government cannot afford to neglect the huge segment of economic landscape which contributes high percentage to employment and GDP.

As part of the MSMEs Survival Fund, the Federal Government of Nigeria will also offer CAC free business name registration for 250,000 businesses in Nigeria. Nigerians who meet the criteria should apply at http://survivalfund.ng

cac free business name registration Nigeria

The Director-General of Small and Medium Enterprises Development Agency (SMEDAN), Dr Dikko Umaru Radda, who thanked President Muhammadu Buhari on behalf of the MSMEs for the fund, said the Survival Fund was a welcome development to reduce the effect of COVID-19 on MSMEs.

The representative of the Organised Private Sector, who is also a Board of Trustees Member of the National Association of Small and Medium Enterprises (NASME), Ubadigbo Okonkwo, said the survival fund was a timely stimulus package for MSMEs in Nigeria.

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