• Tuesday, May 28, 2024
businessday logo

BusinessDay

CAC begins registration of 2 million small businesses

CAC begins registration of 2 million small businesses

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.