Nigeria To Begin Online Business Registration

Nigeria is a step closer to launching its global online business registration platform, as it moves closer to divesting from the oil and gas sector – its economy’s mainstay.

The soon-to-be-launched platform will allow Nigerians living in the diaspora or foreigners planning to register their businesses in Nigeria to register their businesses in Nigeria from any part of the world within the next two months.

Nigeria’s Minister of Industry, Trade and Investment, Olusegun Aganga confirmed this at the 2013 Ministerial platform in Abuja saying, “Global online business registration will take off in two months’ time. This will ensure that anyone can register their businesses in Nigeria from any part of the world and also make payment without necessarily coming to Nigeria.”

The Minister added that the Federal government also has the intention of reviewing registration fees for new companies in the country inorder to boost investment drive at the local, regional and international levels.

Nigeria has been working towards boosting its trade and investment by making doing business in the country easier in line with global best practices.

Last year, Nigeria officially commenced its start-to-finish 24-hour business incorporation service ensuring that it takes just one day for anyone to register or incorporate a business. In February this year, Nigeria’s Ministry of trade and Investment also approved the reduction of business registration at the Nigerian Investment Promotion Commission (NIPC) from N50, 000 to N15, 000 ($100) – amounting to a 70 percent cut – to encourage entrepreneurship in the country.

Studies have found that the creation of new businesses is a significant indicator of the level of economic growth and development of a country; in addition to the job creation and wealth generation that come with it.

The country’s foreign direct investment currently stands at $7 billion.