The Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have partnered to inject ₦6 billion into the economy through the free registration of 250,000 youth-led businesses nationwide. This initiative aims to empower young entrepreneurs, create jobs, and stimulate economic growth.

The Initiative’s Objectives

• Boost Entrepreneurship: Encourage young Nigerians to start and grow their businesses, contributing to the national economy.
• Tackle Unemployment: Provide opportunities for young people to engage in meaningful economic activities, reducing unemployment rates.
• Support MSMEs: Strengthen the Micro, Small, and Medium Enterprises (MSME) sector, a vital component of Nigeria’s economy.

Key Features of the Initiative

• Free Registration: Eliminate registration costs for 250,000 youth-led businesses, making it easier for young entrepreneurs to formalize their businesses.
• Digital Upgrades: Enhance the CAC’s online platform with Artificial Intelligence (AI) technology to process requests faster, reduce delays, and improve customer service.
• Access to Funding: Enable registered businesses to access government and private-sector funding opportunities.

Benefits for Young Entrepreneurs

• Legitimacy: Formalize businesses, gaining recognition and credibility in the market.
• Access to Markets: Expand customer base and access to formal markets, funding, and growth opportunities.
• Government Support: Unlock future government support and empowerment initiatives.

Implementation and Impact

The CAC and SMEDAN are working together to ensure the success of this initiative, with the AI-driven registration portal processing over 11,000 transactions daily. The partnership aims to create a more supportive environment for MSMEs, fostering economic growth and job creation