The Federal Government of Nigeria has announced that starting October 1, 2014 the Corporate Affairs Commission (CAC) will begin electronic registration of companies looking to set up businesses within Nigeria.
While addressing journalists in Abuja, Nigeria’s minister of Industry, Trade and Investment Olusegun Agang said the online registration will help reduce the cost of conducting business significantly and the time it takes for foreign and local investors to establish their businesses.
“We hope to have electronic registration of companies, which will begin from 1 October 2014,” Aganga stated.
He added that they hope to ensure that Nigerians would no more have to incur additional costs and inconveniences to travel to CAC office to register and stay for a long period before registering their business.
Aganga also stated that the new development will significantly bring down the time and cost of setting up businesses in this country. It is the first time ever that Nigeria will possess an online electronic system.
“The Nigerian Industrial Revolution Plan is being effectively implemented where five new policies will soon be unveiled for the textile and garments, cocoa processing, petro-chemical, steel and palm oil and vegetable oil sectors,” Aganga concluded.
The meeting reviewed some of the challenges experienced in the ministry and advancement made so far in the implementation of the federal government policies. All parastatal heads under the ministry attended the meeting.