Business
Presidential Panel Slashes Business Registration Days
The Presidential Ease of Doing Business panel has reduced the number of days required for registration of new businesses in Nigeria from 10 to two days.
The panel also approved 24-hour timeline for company registration from when application form was completed and all required documents made available.
Those were among highlights of a report presented at a Presidential Enabling Business Environment Council (PEBEC), on Monday at the Presidential Villa.
The report was presented by Senior Special Assistant to the President on Trade and Investment, Dr Jumoke Oduwole and came as reforms targeting the end of the 60-day Action Plan on Ease of Doing Business in Nigeria.
According to the recommendations, prospective business owners can now search on Corporate Affairs Commission (CAC) portal (www.cac.gov.ng) to avoid duplication of names and prevent selection of prohibited names.
Also, it is now optional for SMEs to hire lawyers to prepare registration documents for companies.
The council, established by President Muhammadu Buhari, is chaired by Vice President Yemi Osinbajo.
However, Monday’s meeting was chaired by Transportation Minister, Rotimi Amaechi, as the Vice President was busy with the work of the Presidential Investigative Panel set up for two top government officials.
According to the report, CAC has introduced single incorporation form (CAC1.1) to save time and reduce costs while the agency has introduced document upload interface on its website to enable e-submission of registration documents.
Other aspects of the reforms actualized in the last 60 days include the Integrated FIRS e-payment solution into CAC portal to enable e-stamping while the reform empowers CAC internal lawyers to certify company incorporation forms and conduct statutory declaration of compliance for just N500.
According to the report, the PEBEC listed “dealing with construction permits, getting electricity, registering property, getting credit and paying taxes,” as some of the areas where the council recorded progress in the past 60 days.
The report also highlighted the completed reforms on the “Entry and Exit of People,” indicator which includes Simplified Visa-on-Arrival process, Infrastructural improvements at the Abuja airport, and the new Immigration Regulation 2017.
It also indicated that the completed reforms were being closely monitored to ensure diligent implementation with minimal disruption while pending reforms were being escalated to ensure completion in the coming weeks.
On Trading across Borders, some of the completed reforms include palletisation of imports, advanced cargo manifests, reduction in documentation requirements and scheduling of Joint Physical Examination by the Customs Service.
The National Action Plan contained initiatives and actions implemented by responsible Ministries, Departments and Agencies (MDAs), the National Assembly, a number of state governments, as well as some private sector stakeholders.
The council emphasised that with the conclusion of implementation of the Action Plan, it would move into the next phase.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
