Formal business registration is what unlocks a proper business bank account, eligibility for loans and grants, corporate contracts, and a level of credibility that "I have a shop" or "Business" alone never gave you.
Your Business Finally Has a Name — For Free
For years, "I dey do business" was enough. No CAC. No registered name. Just a shop, a hustle, and hope that nobody asked too many questions when it was time to open a bank account or chase a loan.
That excuse just expired.
FG Just Removed the Biggest Barrier to Formalizing Your Business
The Federal Government has approved free business name registration for 250,000 nano, micro, and small enterprises across Nigeria, announced by President Tinubu at the 8th National MSME Awards in Abuja
Registering a business name with CAC normally costs around ₦21,000, a small amount on paper, but enough to keep many nano and micro traders permanently informal, one excuse away from "next month" — "SMEDAN and CAC Partner to Provide Free Business Registration for 250,000 MSMEs". Under this initiative, that fee is waived entirely, through a partnership between SMEDAN and CAC's Renewed Hope Agenda.
Who Qualifies
Nano, micro, and small businesses, roughly 1 to 50 employees
Sole proprietorships and business names (limited companies and NGOs are not covered)
Already on SMEDAN's database without CAC registration? You're automatically eligible
250,000 slots total, allocated first-come, first-served, so early applicants have the best shot
What You'll Need
National Identification Number (NIN)
Valid phone number and active email address
Proposed business name, business address, and a short business description
How to Apply — 5 Simple Steps
Go to portal.smedan.gov.ng and create an account with your email and phone number
Verify your email and log in to your dashboard
Fill in your personal and business profile
Submit your application and receive your SMEDAN Unique Identification Number (SUIN)
Follow the instructions to complete your free CAC Business Name Registration, then download your certificate once approved
Why This Matters More Than "Just Paperwork"
A registered name isn't a formality, it's a door. Formal registration is what unlocks a proper business bank account, eligibility for loans and grants, corporate contracts, and a level of credibility that "I have a shop" alone never gave you (Source: SMEDAN, same link as above). For an economy where a huge share of small businesses still operate informally, this is one of the more direct paths government has offered toward closing that gap — free, time-bound, and worth acting on before the slots fill.
The Name Is Just the Beginning
Here's the part nobody tells you at the registration stage: getting a CAC name solves the legitimacy problem. It doesn't solve the "do I actually know what's happening in my business" problem — the sales you can't account for, the stock you're guessing at, the profit you assume is there but can't prove on paper.
That's a separate battle, and it's the one that quietly decides whether a newly formalized business grows into something bigger, or stays exactly the size it started at. Platforms like AiBiz exist for exactly that next stage once your name is official, giving you real visibility into your sales, stock, and numbers so the business behind the certificate is as solid as the certificate itself. Get started with a free trial today!
One step at a time. Get registered first.
Apply now at portal.smedan.gov.ng — while slots last.
