The Federal Government has approved a 90-day special window to register Micro, Small and Medium Enterprises (MSMEs) at a discounted rate of N5,000 as part of its efforts to make easy the process of registering enterprises and improving the nation’s Ease of Doing business rating.
The Vice-President, Prof. Yemi Osinbajo, who gave this hint on Tuesday during the opening ceremony of the 19th edition of the National MSMEs Clinics in Enugu, Enugu State, said that the special window privilege became effective on October 1 and would lapse by the end of the year.
A statement issued by the Senior Special Assistant to the President on Media and Publicity, Office of the Vice-President, Laolu Akande, quoted the Vice President as saying that the directive became imperative due to past experiences in MSME Clinics where it was observed that many MSMEs found it difficult to register their businesses as a result of cost.
Osinbajo said: “The practice since we began the MSME Clinics is that most agencies offer price reductions, especially for registration and all other pre-investment approvals during the clinics.
“So, I am pleased to announce that the Federal Government, through the Corporate Affairs Commission, has approved a special window of 90 days from Monday, October 1 to December 31, 2018, to register businesses at a considerably reduced rate of N5,000 only, down from as much as N10,000 previously. This will afford more MSMEs an opportunity to formalise their businesses”, the Vice President added.
On what the government is doing to consolidate the gains of the MSMEs Clinics, Osinbajo said that the Federal Government “will be establishing shared facilities for MSMEs based on a partnership between the Federal Government, interested states, the Bank of Industry, NEXIM Bank, FIRS, NAFDAC, SON and interested private sector partners, as part of our efforts at deepening the impact of the clinics.
“The purpose of these shared facilities is to have a fully-equipped place with machinery and equipment required for various trades and businesses. The MSMEs can then do their businesses at those locations at a reasonable cost.
“This way, MSMEs are spared the financial burden of having to buy their own equipment in order to be able to do business. Where possible, these shared facilities would have been pre-certified by relevant agencies, removing the need for the MSMEs to pursue these certifications by themselves”, he added.
This is even as he hinted that Federal Government was prepared to partner state governments in establishing more one-stop shops to further enhance business registration and facilitate seamless interaction between owners of small businesses and the relevant regulatory agencies nationwide.
In addition, the Vice President pointed out that the Federal Government was aware that some states have gone on to set up one-stop shops after the clinics, adding that these one-stop shops bring all the relevant agencies together in one place so as to enable the MSMEs access their services on an ongoing basis.
He explained that there were follow-up plans to “ensure that all the finalists from the maiden edition of the MSME Awards are supported with publicity and media exposure to enable them to reach even larger markets at home and abroad.”
Earlier in his remarks, Governor Ifeanyi Ugwuanyi of Enugu said the state government had already keyed into some of the social investment programmes initiated by the Federal Government, adding that the state will continue to collaborate with all federal agencies to improve the socio-economic well-being of the people.
He thanked the Federal Government for the launch of the National MSMEs Clinics in the state, noting that the enterprises will impact positively on the lives of many youths, especially those seeking employment opportunities.
