President Bola Tinubu has approved the free registration and formalisation of 250,000 Micro, Small, and Medium Enterprises (MSMEs) across the country.
This was announced in a post shared on X on Saturday by the Special Assistant to the President on Social Media, Dada Olusegun.
According to the post, beneficiaries of the initiative established under the Cluster Development Support (CDS) programme for MSMEs will have their businesses registered for free by the Corporate Affairs Commission (CAC)
They are also billed tp undergo technical training.
As further explained by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the government-led initiative is aimed at enhancing the growth and competitiveness of MSMEs clusters.
It provides targeted interventions and support mechanisms tailored to the specific needs of MSME clusters.
Other benefits of the programme, as highlighted by SMEDAN, include access to infrastructure development, technology adoption, and skill enhancement programs to improve productivity and efficiency within clusters.
Additionally, participants gain opportunities for networking, market linkages, and access to finance to support business expansion and development.
The program also offers support in branding, marketing, and quality certification, enhancing the market presence and competitiveness of cluster members.