The Federal Government on Thursday said the Corporate Affairs Commission would from October 1 this year, begin electronic registration for companies willing to set up businesses in Nigeria.
The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, disclosed this in Abuja while addressing journalists during the quarterly meeting of the ministry and its parastatals.
All heads of parastatals under the ministry were present at the meeting which was held to review progress so far made in the implementation of the federal government’s policies as well as to discuss some of the challenges by the ministry.
Aganga said the online registration would help to reduce the cost of doing business significantly as well as the time it takes for local and foreign investors to set up their businesses.
He said, “We are hoping to have electronic registration of companies and this will commence from the first of October this year.
“We hope to ensure that from that date, Nigerians would no longer have to incur other extra costs and inconveniences to travel to CAC office to register and wait for a long period of time before they register their business.
“That will bring the cost and the time of setting up businesses down significantly in this country. This is the first time ever that Nigeria will have an online electronic system.”
He also said that the Nigerian Industrial Revolution Plan is being implemented effectively adding that five new policies would soon be unveiled for the steel, textile and garments, palm oil and vegetable oil, cocoa processing, and petro-chemical sectors.
The minister said that the federal government had commenced a pilot programme that would help farmers to borrow up to 75 per cent of their commodities with the Abuja Securities and Commodity Exchange.