CAC pledges revamp of economy through MSMEs partnership

Acting registrar general, Corporate Affairs Commission (CAC), Azuka Azinge, has assured that the commission will continually work with Micro Small and Medium Enterprises (MSMEs) to set the economy on the path of growth.
Azinge, who gave the information during the commission’s customers and stakeholders’ forum in Kano, said one of the major thrusts of the administration is to revamp the Nigerian economy through support for MSMEs.
Azuka in a statement issued by the corporation on Sunday said,”The commission is working closely with several MSMEs whose activities contribute in no small measure to the development of the economy.

“The commission is working very closely with several MSMEs across the country to realise this lofty objective.
“On the 1st October 2018, the commission launched the Business Incentive Strategy BIS. Under the BIS the cost of business registration had been reduced from N10,000 to N5,000 for an initial three months period.
“It was recently extended for a further period of three months, 1st January to 31st March 2019, to enable MSMEs register their business with the commission.

“During the initial three months of the BIS, registration increased tremendously. April to June 2nd quarter, 30,941. July to September 2018. 32, 504. October 1st 2018, 66,687. October 1 to December 31, 2017 23,539. October 1 to December 31 2016. 20,600.”
She pointed out that from the aforementioned statistics, it is evident that the BIS is achieving of ensuring the formalisation of MSME s and economic growth. The commission remains resolute in reviewing its process regularly.”
In that regard, she remarked that work was at advance stage to amend its enabling law, the companies and Allied Matters Act, CAMA in collaboration with the National Assembly. The amendment is aimed inter alia at enhancing the commission’s supervisory and regulatory powers.