The Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) are collaborating to inject ₦6 billion into the Nigerian economy through the free registration of 250,000 youth-owned businesses.
The initiative, launched a few weeks ago, is designed to formalize small enterprises, stimulate job creation, and empower young entrepreneurs across Nigeria.
The Registrar-General of CAC, Hussaini Ishaq Magaji (SAN), disclosed this while receiving members of the Association of Northern Nigerian Students (ANNS) in Kaduna, according to a statement shared on the commission’s official X handle.
Magaji explained that the program targets young Nigerians engaged in content creation, small-scale enterprises, and other innovative ventures. He noted that the initiative will not only boost youth employment but also strengthen the country’s MSME sector.
“We are injecting ₦6 billion into the economy through this free registration of 250,000 businesses, creating jobs and empowering Nigerian youths,” Magaji said.
He encouraged students to take advantage of the opportunity by registering their businesses under the CAC-SMEDAN collaboration, stressing that formalization is key to accessing loans, grants, and government support programs.
The free registration drive forms part of the Federal Government’s wider strategy to reduce unemployment and promote entrepreneurship among Nigeria’s growing youth population.
AI-powered efficiency at CAC
In addition to the youth registration scheme, CAC is integrating Artificial Intelligence (AI) to enhance efficiency and reduce delays in company registration and customer service.
Magaji revealed during a stakeholders’ forum in Kano that the AI system will address a backlog of over 7,000 pending registration applications and manage customer interactions across compliance and registry functions.
The AI tool can analyze thousands of daily emails within minutes, identify duplicates, and direct messages to relevant departments for faster processing.
Since its launch in June 2025, CAC’s AI-driven registration portal has processed more than 11,000 transactions daily, providing instant name approvals and suggesting alternatives when desired business names are unavailable.
Despite minor technical challenges in the early stages—such as payment and document upload issues—the portal has significantly improved turnaround time and service delivery.
This digital and youth-focused reform underscores CAC’s broader mission to simplify business registration, support MSME growth, and drive inclusive economic development across Nigeria.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
