The Corporate Affairs Commission (CAC) has commenced the registration of two million small businesses as part of its measures toward formalising the sector.
Hussaini Ishaq Magaji, registrar-general at CAC, said this at a ceremony in Abuja on Friday.
“The registration move being facilitated in partnership with Moniepont was to stimulate economic growth, foster regulatory compliance, and encourage economic development through taxation revenue,” he said.
The commission has been grappling with low registration of businesses in the country, hence the formalisation of these enterprises is crucial for economic growth and access to financial opportunities.
Folake Balogun
Folake Balogun is a technology journalist covering the evolving digital economy, with a focus on startup ecosystems, fintech innovation, artificial Intelligence, venture capital, and emerging technologies.
Her work explores the intersection of technology, business, and society by highlighting how innovations such as artificial intelligence and next-generation connectivity are shaping everyday life and economic growth across the African continent and globally.
She is a sixth cohort participant in the Technology and Digital Reporting training hosted by the Media Career Development Network in partnership with the U.S. Consulate General, Lagos. Folake is also a Fellow of the Tax Justice and Equity Project (2023 Cohort) by the International Centre for Investigative Reporting (ICIR) with the support of the International Budget Partnership.
Through her reporting and analysis, she continues to spotlight the people, ideas, and technologies driving digital transformation.
