Friday, February 10, 2012

CAC To Register Businesses in Nigeria within 48 Hours, Says Nigeria’s Minister of Trade and Investment

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The Nigeria’s Minister of Trade and Investment, Mr. Oluesegun Aganga has said that the Ministry is currently working on modalities that help reduce the cost and procedures of starting business in Nigeria, and make it possible for both Nigerians and foreigners to start their businesses within 48 hours.

The Minister, who made this known during the “First Doing Business Workshop” in Abuja, the federal capital territory of Nigeria said that government was intensifying efforts at removing the problems associated with doing business in Nigeria through the harmonization of taxes collected by both local and state governments in line with the Federal Government’s efforts at improving the ease of doing business in Nigeria.

In a statement made by Aganga, he said: “We are working to improve the ease of doing business in the country. Our strategy to achieving this is by setting up implementation teams comprising the stakeholders and ensuring that these teams work on the sub indications. We have started recording success already”

Meanwhile, the Corporate Affairs Commission (CAC), the agency in-charge of registering businesses in Nigeria has on the directions of the Minister commenced work on reducing the procedures, time and cost to start a business from an average of 36 working days to less than 5 days, 77 percent of income per capita to less than 10 percent of income per capita and from 9 processes to less than 5 processes in the medium term.

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