In an effort to accelerate financial inclusion and alleviate the regulatory hurdles faced by small enterprises, President Bola Tinubu has approved the free registration and formalization of 250,000 Micro, Small, and Medium Enterprises (MSMEs). The announcement was made during the 8th National MSME Awards 2026 held at the State House in Abuja. The intervention targets nano, micro, and small-scale business owners, allowing them to transition into the country’s formal banking and corporate systems without the burden of standard incorporation fees.
The initiative is being executed via a strategic partnership between the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). Under this scheme, the Federal Government will absorb all statutory registration costs for the selected beneficiaries. Alongside the complimentary business name registration, the program will provide specialized technical training and corporate support to help these newly formalized businesses reduce operational failure rates and scale sustainably. Interested business owners can apply by submitting their documentation directly through the official SMEDAN portal.
