The Federal Government has directed the Corporate Affairs Commission (CAC) to extend by three months, the special window for MSMEs.
This came as a result of the successes recorded in the first 50% discount window for business registration in Nigeria.
In a statement made public by the special assistant to the Vice President on media and publicity, Laolu Akande, Vice President Osinbajo gave the directive at the first quarter MSMEs stakeholder meeting held at the Presidential Villa, Abuja.
The special business name registration window of 50% discount was granted by the Federal Government through the Corporate Affairs Commission to help to bring as many MSMEs to formalize their businesses.
Osinbajo directed relevant government agencies to speedily come up with better funding strategies for small businesses in the country.
He said “having listened to all the issues raised in the report and from your various contributions about funding, I think you should come up with suggestions on better funding for startups and MSMEs, we need to address this issue as quickly as possible.”
He said relevant agencies of government must ensure that loan beneficiaries were equipped with the necessary skills and knowledge to better manage their businesses.
An earlier report had indicated that business registration increased from 54,000 to 163,000 within six months of introducing the special window for subsidized registration costs.
The managing director of the Bank of Industry (BOI), Kayode Pitan, emphasized the need for MSMEs to establish a company to de-risk BOI loans to MSMEs.
He said the organization was working in partnership with the Development Bank of Nigeria to enhance access to finance for MSMEs by providing a guarantee for commercial banks.