Nigeria’s Minister of Trade and Investment, Olusegun Aganga has said the cost of business registration in the country has been slashed by 50 percent to encourage investment in the country.
Speaking at the signing of a Memorandum of Understanding (MoU) with a 19-man Brazilian delegation led by Brazil’s Deputy Minister of development, Industry and Foreign Trade, Richardo Schaefer on the promotion of trade and investment between Nigeria and the Southern American country; Aganga said the Corporate Affairs Commission had since October 1, 2013 slashed the capital registration cost by 50 percent for equity registrations of N500 million or lower, and by 25 percent for equity registrations above N500m.
“Following the directive from the president …capital registration fees for companies (Under Part A) have been reduced across board. While capital registration below N1m ($6,260) will retain a flat fee of N10,000 ($63); all registrations between N1m(S6,260) and N500,000 ($3,130) are reduced by 25 percent,” Aganga said.
Nigeria’s Trade Minister said the initiative was in line with the ministry’s investment climate reform programme, which was aimed at strategically repositioning Nigeria as the preferred destination for both local and foreign investment.
He also stated that the new regulation has been designed to ensure that the bulk of these savings goes to smaller businesses which needed the lower fees more.
This will save companies over N2m ($12, 520) per annum which they could use to hire more workers expand their businesses, Aganga said.
The MoU signed with Brazil will make it possible for various agencies responsible for skills and development, industry and development finance in both countries to work together and deliver better service for the citizens of their respective countries.
“The MoU is an important tool to make things happen faster in terms of trade and investment cooperation and allow us to explain to the private sector of Brazil about the enormous opportunities that exists in Nigeria for investment and partnerships” the Brazilian Minister said.
