The Federal Government has slashed the costs of registering businesses in Nigeria by 50 percent, in its bid to encourage investment in the country.
The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, disclosed this, Tuesday, in Abuja during the signing of a Memorandum of Understanding between his ministry and Brazil’s Ministry of Development, Industry and Foreign Trade on the promotion of trade and investment.
He said the Corporate Affairs Commission had, since October 1, 2013, reduced capital registration costs by 50 per cent for equity registration of N500m or lower, and by 25 per cent for equity registration above N500m.
The initiative, he explained, was in line with the ministry’s investment climate reform programme, aimed at strategically repositioning Nigeria as the preferred destination for both local and foreign investments.
According to him, “Following the directive from the President, the CAC has since October 1, 2013, slashed fees for business registration by 50 per cent. Under the new regulations, capital registration fees for companies (under Part A) have been reduced across board.
“While capital registrations below N1m will retain a flat fee of N10,000; all registrations between N1m and N500m are reduced by 50 per cent; and all registrations above N500m are reduced by 25 per cent.”
Aganga said by this action, Nigerian companies would save over N2bn per annum, which they could use to hire more workers and expand their businesses.