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CAC records 300,000 new business registrations for SMEs

CAC

By Yinka Kolawole

The one-year-old incentive offered to small businesses has yielded about 300,000 new business names in the Corporate Affairs Commission, CAC.

This was disclosed by the Vice President, Prof. Yemi Osinbajo, at the inauguration of 2019 Growth and Employment (GEM) EXPO and Conference for Micro Small and Medium Enterprises (MSMEs) in Abuja.

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He said that with some positive results following its economic policies especially in the area of Micro, Small and Medium Enterprises segment, the federal government would step up incentives towards growth in the segment.

Osinbajo who was represented by Mr Festus Keyamo, Minister of State for Labour and Productivity, also said that the country was able to come out of the recent economic recession and moved 39 points up in the World Bank’s Ease of Doing Business ranking in the last five years, as a result of the Economic Recovery and Growth Plan (ERGP) of the federal government, of which the promotion of MSMEs is a component.

He stated: “One of the cardinals focuses of the Plan (ERGP) is to grow the economy and create jobs through the development of MSMEs. The government developed several programmes along this line to promote the MSMEs, and prominent among them is the MSME clinics and Shared Facilities for production.”

The new business registrations came with the 50 per cent reduction in the fees to N5,000, from N10,000.

Osinbajo added that about 37 Clusters had been planned across the nation, under shared facilities for MSMEs, with the aim of providing opportunities for them to walk into a fully equipped cluster-specific facility to use for end-to-end production of their products.

In her opening remark, Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum said the GEM project was designed to diversify the Nigerian economy away from oil by supporting sectors that have potentials for economic growth.

“The GEM project is proof of how home-grown MSMEs intervention strategies could complement government’s policies on employment and wealth creation,” Katagum said.

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