The Corporate Affairs Commission, CAC has disclosed that it has commenced the registration of 2 million small businesses as part of measures towards formalising the sector.
The CAC, in a statement on Friday, said its Registrar-General, Hussaini Ishaq Magaji, revealed this at a ceremony in Abuja.
He said 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 been grappling with low registration of businesses in the country, hence the formalisation of these enterprises is crucial for economic growth and access to financial opportunities.
Source: Punch
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