Online Business Reg. Saves N1Bn, CAC Targets N10Bn - Aganga

Dr. Olusegun Aganga, minister of Trade and Investment, has stated that the private sector had saved about N 1 million from the direct business registration system introduced by the Corporate Affairs Commission (CAC), subsequently he has asked prospective investors to register their business franchises online and avoid legal fees.

The minister who was speaking on the sidelines of a breakfast dialogue on: “The Competitiveness of Nigeria’s Business Environment,” said that N 1 billion was achievable through the non-engagement of lawyers for the registration of businesses with the CAC.

“If you want to register a business in Nigeria, you don’t need to go through a lawyer anymore. If you look at the number of businesses that were registered last year, that is a savings of about one billion Naira to the private sector.

“If you look at online registration, which we are thinking of bringing on board, you can register your company anywhere you are, whether local, or internationally, once the system is in place. I will say another three to N5 billion. So, we’ve quantified each one, and ambition is very big and we want to arise to the ladder.``

Aganga said that what the government was doing was to move up 76 points before the end of the present administration.

He noted that the government was ambitious about that, saying that what the ministers were doing in their various ministries showed they were on the right track.

He told the gathering of business executives, entrepreneurs and investors alike that competitiveness was important to the present administration.

“All these areas, we are looking at investment policies; investment promotions; tax policy; governance; human capital development; all the policies that are related to attracting investment into the country.

“What it does is that when you answer those questions based on the framework, and you develop the right policies, it will lead to a competitive, robust environment for foreign and local investors, large and small investors, public and private investors. ’’

“When we have that policy framework in place, which covers those ten areas, and answer those questions, Nigeria will be a far better environment in terms our competitiveness and we expect to finish that before mid time this year. ‘’

He told the audiences comprising of local and foreign investors that President Goodluck Jonathan, was placing emphasis on high quality education delivery in the country, stating that education plays a critical role in the drive to revamp the economy of Nigeria.