• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Wednesday, June 4, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Nigeria intensifies efforts to formalise SMEs operations

SMEs

The Matters Press by The Matters Press
February 16, 2024
Reading Time: 2 mins read
0
SMEs in Africa take more loans as global peers wean off debt

Abuja, Feb. 16, 2024: The Federal Government is intensifying efforts to formalise activities of Small and Medium Enterprises (SMEs) to increase the country’s tax net, an official has said.

RELATED POSTS

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

The Registrar- General Corporate Affairs Commission (CAC), Hussaini Magaji stated this on Thursday while disclosing that over 2.5 million businesses had been brought for registration so far through this effort.

The Registrar- General was responding to the Managing Director of Palmpay Nigeria Ltd., Chika Nwosu, who visited him to present over 219,000 agents (small businesses) to him in Abuja.

Magaji said the provisions of the Companies and Allied Matters Act (CAMA) made it mandatory for any business taking place in Nigeria to register with the Corporate Affairs Commission.

“Section 863 (2) made it to the extent of criminalising any business taking place in Nigeria without registration.

“And in our drive to ensure compliance, we are able to force registration of small businesses of over 2.5 million so far this year alone.

“Today another company, Palmpay, is handing over 219 ,000 small businesses for registration.

‘ ‘In other words, we are creating jobs for 219,000 youths.

“We agreed to regularise them in order to achieve the Renewed Hope Agenda of President Bola Tinubu, including job creation, financial inclusion, and access to wealth to the youth,” he said.

On the upsurge in registration of small businesses, Magaji said there was a drive by the present administration to formalise small businesses into the system.

He said the administration also aimed at increasing the tax net of the country and to enable the government to track the activities of the SMEs.

“The government will have the opportunity to track terrorism and money laundering. That’s the essence of the registration,” he said.

Earlier, the Managing Director of Palmpay expressed the desire of the company to partner and support the commission to achieve its mandate of formalising the sector.

“Our business is one of the largest in Nigeria, with over 30,000 employees and over 30 million Nigerians doing businesses and using our application to do various transactions.

“We are ready to partner with the CAC and to support the government of Nigeria by introducing most of our agents who are doing businesses on our platform and using our POS.

“We have over 219,000 agents on our platform to hand over to CAC today,” Nwosu said.

The Moniepoint had brought in over two million businesses; Opay, over 300,000; and Kudimata, 30,000 businesses for registration .

Tags: SMEs
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Next Post
IMF raises alarm over Nigeria’s economy, but supports reform efforts

Inflation rate hits 29.90% January in Nigeria

Islamic bank supports Kano with N29.7m to upgrade grains market

Kano grain dealers decry low patronage despite slight price drop

Recommended Stories

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021

World Bank sure $750m NG-CARES programme doing well

November 2, 2023
Troops kill several fighters of secession group in south east Nigeria

Troops kill several fighters of secession group in south east Nigeria

April 19, 2024
Fraud in banking sector, mostly insider instigated

Customs hits dealer banks over non-remittance of duties, charges

September 8, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property
  • Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us