The Federal Government on Monday unveiled an online business registration platform aimed at improving the ease of registering businesses by local and foreign investors.
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The move according to the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, is a major component of the Nigerian Industrial Revolution Plan.
Aganga who spoke in Abuja at the official unveiling of the online portal said it is part of the federal government’s efforts at automating the registration of companies and businesses by the Corporate Affairs Commission.
He said the software to be used by the online portal would accommodate all electronic payment platforms such as inter-switch, e-transact, visa card, and master card.
Aganga said the new business registration platform would also help to improve the investment climate by removing bottlenecks associated with registration of businesses.
He blamed Nigeria’s ranking of 129 out of 180 countries in the Ease of Doing Business index on the various constraints associated with the setting up of companies.
With the new online platform, the minister said investors from anywhere in the world could register their businesses without visiting the CAC.
He said, “Today, according to the World bank, Nigeria ranks 129 out of the 189 countries in ease of starting a business.
“However, with this platform we are launching today, Nigeria will now emerge as one jurisdiction with the fastest registration time in the world.
“The CAC platform we are launching today is a door way through which new corporations will now be created in Nigeria in record time and in record low cost in our country.
“This has never been achieved before. This will be the first time in the history of our country where international investors will be able to register their businesses from their homes, whether in United States, United Kingdom or anywhere.”
Aganga said with over 50 per cent of businesses in Nigeria operating informally, the online platform would help to reduce the time it takes to register businesses and increase the formalisation of the economy.
