Economy
Nigeria kicks off 24-hour business Incorporation Service
Nigeria, on Thursday, recorded a landmark achievement in its Investment Climate Reforms Programme as the Corporate Affairs Commission, a parastatal under the Ministry of Trade and Investment, kicked off its start-to-finish 24-hour business incorporation service. The Minister of Trade and Investment, Mr. Olusegun Aganga, said the inauguration of the one-day start-to-finish business registration marked an important milestone in the efforts of President Goodluck Jonathan’s administration to reposition the Nigerian business environment.
He spoke during the commissioning of the Alausa, Lagos office of CAC and the inauguration of the Commission’s 24-hour start-to-finish incorporation service in Lagos. Aganga also directed the CAC to open a Complaints register for customers who are unable to register their businesses within 24hours. He said, “The Lagos offices (Yaba and Alausa) can now accept Incorporation documents and process the certificates from start to finish within 24 hours. The same thing goes for the Head Office. This is encouraging in line with global best practices and useful for investors who would want to commence business urgently.
“The target is to ensure that companies are registered within two hours and to institute a vibrant and transparent companies registry where services will be user-friendly. However, to show that we mean business and that we care about our customers, I direct that a complaints register be opened for anyone who is not able to get his company registered within 24 hours.” The Minister said the frustrations that had been spelt out by businesses in relation to the procedures at CAC, before the reorganization and repositioning of the Commission, were basically as a result of the non-computerization of its operations.
He said, “The process of incorporation and other services were manual, registration numbers were manually picked and certificates of incorporation were manually typed. It therefore took months to register a Company. “But the Management of the Commission, under the supervision of my ministry, has embarked on programmes/projects that have transformed the Commission into a modern Company registry. Some of these include the relocation of the Commission’s Head Office, review of its incorporation processes, computerization of its operations and improvement of its Human Resources.”
Aganga said the commissioning of the new office and the inauguration of the one-day start-to-finish registration of businesses underscored the commitment of the current administration to providing the enabling environment for trade and investment to thrive and improving the nation’s Doing Business ranking. “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,” he added.
The minister stressed that the Ministry of Trade and Investment had strengthened its One-Stop-Shop Investment Centre as part of efforts to improve the country’s business environment and enhance the ease of doing business in Nigeria.
He said, “We have also strengthened the One-Stop Investment Centre in the NIPC to pave the way for efficient coordination of investment facilitation between all relevant government agencies and achieve 48-hour response target for all enquiries. We are already seeing the positive impact.
“The Investor Care Committee; the Doing Business and Competitiveness Committee, inaugurated earlier on in the year to proactively address the day-to-day concerns of investors and businesses are now very active; while the establishment of a Competitiveness Council to improve Nigeria’s competitiveness has already been approved by Mr. President.”
He noted, “I am pleased to note that the Corporate Affairs Commission has significantly transformed its operations and services towards the attainment of a friendlier business environment. Though we are officially kicking off the Commission’s 24-hour service today, a number of people have attested to the fact that the 24-hour service delivery is already ongoing. This is an exemplary demonstration of public sector reform, service delivery and decentralization of operations.
“The Lagos offices (Yaba and Alausa) can now accept Incorporation documents and process the certificates from start to finish within 24 hours. The same thing goes for the Head Office. This is encouraging in line with global best practices and useful for investors who would want to commence business urgently. The target is however two hours in the nearest future.”
Speaking during the event, the Registrar-General, CAC, Alhaji Bello Mahmud, said that the agency had put strategies in place to safeguard all customers’ documents and information.
He said, “In order to ease post incorporation activities, safeguard the records and ensure the integrity of all information in the Commission, rapid document imaging has been embarked upon through the conversion of our manual records to suitable electronic fomats. “On completion, records of all companies, business names and Incorporated Trustees will be available electronically and manual searches will be abolished. Customers will be able to access these records from the comfort of their offices and homes and pay the search fees using electronic payment system.”
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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