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President Muhamadu Buhari has approved free business name registration with the Corporate Affairs Commission (CAC) for 250,000 businesses across the nation.

This was announced on Tuesday evening by the Media aide to the President, Bashir Ahmad.

READ: Nigerian firms risk delisting over failure to file annual returns – CAC

READ: CAC may reduce Business registration fee

READ: #EndSARS: Lagos State Judicial Panel has my full support – Buhari

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Pres. @MBuhari has approved free business names’ registration for 250k MSMEs nationwide; according to the CAC, 6,606 names in each of the 34 states, Abuja will have 7,906, Lagos 9,084 & Kano 8,406.

The free registration commences today, visit https://t.co/XTVTfPewMD for details. pic.twitter.com/eF2YcYaJAE

— Bashir Ahmad (@BashirAhmaad) October 27, 2020

READ: SMEDAN to move 40 million informal businesses to formal sector, registers MSMEs

READ: AfCFTA delay: A bane to Africa’s $3.4 trillion economic bloc

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READ: Healthplus: NASSI asks FG to intervene

“President Buhari has approved free business names’ registration for 250k MSMEs nationwide; according to the CAC, 6,606 names in each of the 34 states, Abuja will have 7,906, Lagos 9,084 & Kano 8,406,” he tweeted.

“The free registration commences today, visit cac.gov.ng for details” he added.

READ: #EndSARS: Access Bank announces N50 billion interest-free facility for businesses

READ: FIRS gives tax defaulters a 30-day ultimatum

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What you should know

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This comes after Nairametrics reported earlier this month that the CAC had announced it would begin registering companies within 48 hours, approve names the same day, and ensure 5-day completion for other post-incorporation services not available electronically.

READ: Where to invest your N5m to N500m safely and securely

READ: CAC delists over 40,000 dormant companies

Bottomline

Since the end of the #EndSARS protests, the Federal Government has been working on packages that are perceived as necessary for addressing the issues of large youth unemployment, which is viewed as a catalyst for the massive turnout during the protests.

READ: CAC to reduce business registration period to 6 hours

READ: Nigerians indifferent to lower CAC registration fee

The National Economic Council (NEC) has set up a committee to meet the needs and demands of Nigerian youths behind the #EndSARS protests. The head of the Committee is Vice President Yemi Osinbajo, with one of the frameworks being “A social security framework for the youths and Nigerians to deal with the problem of unemployment and poverty in the country.”

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The free business registration coming this period will help businesses that can’t afford the registration fee to get their business registered and timely.

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