Only 3,098,193 firms registered since 1990

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The Corporate Affairs Commission of Nigeria, CAC, reveals that it has registered 3,098,193 firms since inception in 1990

The Corporate Affairs Commission (CAC), the body responsible for incorporation of enterprises in Nigeria has revealed that it has registered 3,098,193 firms since inception.

It said the figures are since the founding in 1990 to March 21, 2019. The number covers all categories of businesses in Part A, B and C.

Acting Registrar of the Commission, Mrs Azinge Azuka disclosed this at the commission customers forum in Abuja.

Statistics on registration of firms and companies under Parts Limited Liability Company (A), Business Name (B) and Incorporated Trustee (C) stand at 618,309 from the last three years.

According to her, in 2016, the council got the sum of 175,098 from the LLC (A); 193,194 from Business name (B) in 2017; and  252,035 from Incorporated Trustee (C) in 2018 with number of Annual Returns filed totaling 190,078.

She said that the major thrust in the present Nigerian government is to revamp the Nigerian economy through the support of Micro Small and Medium Enterprises (MSMEs); Hence the commission remains regularly reviews its processes in a bid to improve service delivery.

“In that regard, work is at advanced stage to amend it enabling law, the Companies and Allied Matters Act (CAMA) in collaboration with the National Assembly.

“This seeks to ease starting and growing businesses in Nigeria, ensure more appropriate regulation for MSMEs.

“Enhance transparency and shareholders engagement align regulate framework with International best practices and make Nigeria an investment destination of choice,”she said.