CAC and SMEDAN Launch ₦6 Billion Free Business Registration Program for Nigerian Youths

The Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have announced a ₦6 billion initiative aimed at supporting youth entrepreneurship and job creation across the country.

The new program will provide free registration for 250,000 youth-led businesses, enabling young Nigerians to formalize their ventures and gain access to funding opportunities, grants, and government support.

According to CAC Registrar-General, Hussaini Ishaq Magaji, the free business registration scheme is part of the federal government’s broader plan to empower young entrepreneurs and strengthen the Micro, Small, and Medium Enterprises (MSME) sector.

He explained that the initiative targets young people involved in content creation, retail, and emerging small-scale enterprises, helping them transition from informal trading to legally registered businesses.

Boosting Employment and Business Growth

The ₦6 billion investment represents a major economic intervention designed to promote formal business operations, create jobs, and stimulate innovation among Nigerian youths.

By removing registration costs, the program will help more small businesses access bank loans, government funding programs, and corporate partnerships, while also expanding the tax base and improving national economic stability.

Magaji urged young Nigerians to take advantage of the opportunity, emphasizing that formal registration is a key step toward unlocking financial inclusion, business visibility, and participation in Nigeria’s expanding digital economy.

AI-Driven Upgrade to Improve CAC Services

In addition to the registration drive, the CAC is introducing a new Artificial Intelligence (AI) system to improve service delivery and clear a backlog of over 7,000 pending business applications.

The AI-powered system will streamline compliance, automate document processing, detect duplicate applications, and route customer inquiries to the right departments. This innovation is expected to significantly reduce registration delays and enhance the efficiency of Nigeria’s business registry.

Currently, the CAC handles over 11,000 transactions daily through its online registration platform. Despite initial technical challenges, such as payment and upload issues, the new automation tools are helping the agency manage high volumes of applications more effectively.

Digital Transformation for MSMEs

The collaboration between CAC and SMEDAN aligns with Nigeria’s goal of digitally transforming the MSME ecosystem, enabling startups and small-scale enterprises to operate more efficiently in both local and international markets.

With over 40 million MSMEs contributing to Nigeria’s GDP, the free business registration initiative is expected to accelerate economic inclusion, reduce unemployment, and support the government’s target of lifting millions out of poverty through entrepreneurship.

Industry experts have commended the move, noting that formalization not only provides access to financial support but also protects entrepreneurs’ business names and intellectual property rights.

Empowering Nigeria’s Future Entrepreneurs

For young Nigerians, this initiative offers a golden opportunity to take their businesses to the next level without the usual financial barriers. From food vendors and online sellers to digital content creators, thousands of startups will now have the credibility and structure needed to grow sustainably.

Entrepreneurs who register under the program will also become eligible for future SMEDAN support programs, including business grants, equipment financing, and training on business management, accounting, and digital marketing.

As Nigeria continues to push for greater youth participation in economic development, the partnership between CAC and SMEDAN stands as one of the most impactful entrepreneurship support programs in recent years.

The ₦6 billion business registration initiative is more than just paperwork—it is a national investment in the next generation of innovators, traders, and creators shaping Nigeria’s economic future.