CAC Begins Registration Of Two Million Small Businesses

By Clement Alphonsus

The Corporate Affairs Commission has announced the commencement of the registration of 2 million small businesses as part of measures towards formalising the sector.

The CAC, in a statement on Friday, said this was disclosed by its Registrar-General, Hussaini Ishaq Magaji, at a ceremony in Abuja.

According to him, the registration move being facilitated in partnership with Moniepont was to stimulate economic growth, foster regulatory compliance, and encourage economic development through taxation revenue.

The commission has expressed conern over the low registration of businesses in the country, hence the formalisation of these enterprises is crucial for economic growth and access to financial opportunities.