Nigeria to Begin Online Registration of Companies by October 1st

  Nigeria will kick off online registration of companies willing to set up businesses in the country by 1st of October- which is also the country’s independence day anniversary. This was revealed by the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, while speaking with news men in Abuja during the quarterly meeting of the ministry and its parastatals. The minister said the online registration would help to reduce the cost of doing business significantly as well as the time it takes for local and foreign investors to set up their businesses. He said, “We are hoping to have electronic registration of companies and this will commence from the first of October this year. “We hope to ensure that from that date, Nigerians will no longer have to incur other extra costs and inconveniences to travel to CAC office to register and wait for a long period of time before they register their business. “That will bring the cost and the time of setting up businesses down significantly in this country. This is the first time ever that Nigeria will have an online electronic system.” He also said that the Nigerian Industrial Revolution Plan is being implemented effectively adding that five new policies would soon be unveiled for the steel, textile and garments, palm oil and vegetable oil, cocoa processing, and petro-chemical sectors. The minister said that the federal government had commenced a pilot programme that would help farmers to borrow up to 75 per cent of their commodities with the Abuja Securities and Commodity Exchange.