The Corporate Affairs Commission (CAC) of Nigeria has unveiled an initiative to register 3,500 small businesses at no cost to encourage the formalization of micro and small enterprises across the country. This move, announced by the Registrar-General Hussaini Magaji, is seen as a critical step in reducing financial barriers for entrepreneurs looking to establish themselves legally within Nigeria’s business environment. By targeting all 36 states and the Federal Capital Territory, the CAC is ensuring equity in access to business formalization resources.

The initiative aligns with the Nigerian government's broader strategy to bolster entrepreneurship and economic growth amidst ongoing economic challenges. Magaji emphasized that this program signals the commission's commitment to fostering a conducive environment for start-ups and small enterprises, which are crucial for job creation and economic diversity in Nigeria. The CAC’s statement reiterated that this effort is a celebration of local entrepreneurs and an attempt to integrate more business activities into the formal economy.

In a country where informal businesses abound, such measures are vital in transitioning many entrepreneurs into formal status. This can lead to increased tax revenues for the government and improved access to various business support services. The CAC's initiative not only promotes compliance with business regulations but also aims to ignite a new wave of entrepreneurship that can contribute to overall economic resilience in Nigeria, especially as the nation seeks to recover and grow following recent economic setbacks.