The programme, announced on Saturday during the 8th National MSME Awards 2026 at the State House in Abuja, is designed to remove the financial barriers that prevent many nano, micro and small businesses from entering the formal economy.
According to the Presidency, President Bola Tinubu has approved the full formalisation and corporate registration of the selected businesses, allowing beneficiaries to register their business names with the Corporate Affairs Commission (CAC) without paying the statutory registration fees.
The initiative is expected to help thousands of entrepreneurs gain legal recognition, improve access to financial services, and position their businesses for growth.
The Presidency explained that bringing more businesses into the formal sector would enable them to access banking services, government support programmes, credit facilities and investment opportunities that are often unavailable to unregistered enterprises.
Beyond the waiver of registration fees, the intervention package includes business support services aimed at improving the sustainability of participating enterprises.
According to the Presidency, beneficiaries will receive moral support for business owners as well as specialised technical training designed to equip them with the knowledge and skills required to build resilient and competitive businesses.
The training is expected to focus on strengthening business management practices, improving operational efficiency and enhancing long-term survival rates among small enterprises.
To benefit from the initiative, interested entrepreneurs are required to complete their registration through the official portal of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), where they can submit the necessary documentation and secure onboarding into the programme.
The Presidency noted that implementation of the initiative is being carried out through a strategic partnership between the Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
According to the statement, officials of the participating agencies described the waiver as a significant financial concession intended to reduce the burden of business formalisation while addressing the high failure rate among small businesses across the country.
"The implementation of this policy is driven through a strategic partnership involving the CAC and the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN.
"Top officials within the regulatory agencies noted that the waiver represents a significant financial concession aimed entirely at driving down the high mortality rate of small businesses nationwide," the Presidency said.
The initiative forms part of the Federal Government's broader efforts to encourage entrepreneurship, stimulate job creation and expand the contribution of MSMEs to Nigeria's economic growth by making it easier for small businesses to operate within the formal economy.