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CAC at 35: Commission bolstering private sector growth, investors’ confidence — FG (Page 10)

By Lucy Ogalue

The Federal Government has commended the Corporate Affairs Commission (CAC) for continuing to drive private sector growth and boost investors’ confidence through sustained reforms and digital transformation.

The Permanent Secretary, Ministry of Industry, Trade and Investment, Amb. Nura Rimi, said this at the 35th anniversary celebration of CAC in Abuja on Monday.

Rimi said that the commission had evolved from manual business registration to a technology-driven institution that supported transparency, accountability and ease of doing business.

According to him, CAC had played a critical role in Nigeria’s economic development by simplifying business registration processes, encouraging formalisation of enterprises and fostering trust in the corporate system.

“The work of the CAC has gone beyond registration to fostering trust in the economy, encouraging domestic and foreign investment and supporting the growth of nano, micro, small and medium enterprises,” Rimi said.

He added that the commission’s reforms had contributed to Nigeria’s improved global standing, including its exit from the Financial Action Task Force (FATF) Grey List.

The permanent secretary said the commission had enhanced the country’s reputation as a hub for trade and investment in Africa.

Rimi commended the commission’s digital reforms, including online registration, automation of filings and inter-agency integration.

According to him, businesses can now be registered within minutes, a feat unimaginable at the time of the CAC’s establishment in the 1990s.

Looking ahead, he urged the commission to leverage emerging technologies such as artificial intelligence and blockchain to further enhance trust, inclusivity and global competitiveness.

Also speaking, the Managing Director of the Oil and Gas Free Zones Authority (OGFZA), Mr Bamanga Jada, congratulated CAC on 35 years of “dedicated, impactful and exemplary service” to Nigeria.

Jada said the commission had played a pivotal role in strengthening corporate governance, improving the ease of doing business and fostering investor confidence through efficient regulatory and administrative reforms.

He said OGFZA had maintained a longstanding institutional partnership with CAC, adding that the commission’s sustained commitment to transparency and operational excellence had continued to support investment growth in the zones.

According to him, strategic collaboration between regulatory authorities and CAC remains critical to improving Nigeria’s corporate business environment and achieving sustainable investment outcomes.

The Director-General of the Industrial Training Fund (ITF), Dr Afiz Oluwatoyin, said increased company registration had positively impacted revenue generation and performance across government institutions.

He disclosed that ITF’s scorecard had improved significantly in recent years, attributing the gains partly to reforms at CAC that had made it easier for businesses to register and operate formally.

Similarly, the Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr Charles Odii, commended CAC for working “smarter” through digital innovation to support small businesses.

Odii praised recent initiatives aimed at reducing the cost of registration for small enterprises and formalising hundreds of thousands of businesses, describing CAC as a critical partner in Nigeria’s MSME development agenda.

He assured the commission of SMEDAN’s continued support, stressing that faster and smarter registration processes would enable Nigerian businesses to compete more effectively at the continental and global levels.

The event drew stakeholders from government agencies, the private sector and development institutions, who commended CAC’s contributions to Nigeria’s economic reforms and called for sustained innovation in the years ahead. (NAN)(www.nannews.ng)

Edited by Bashir Rabe Mani

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CAC at 35: Commission bolstering private sector growth, investors’ confidence — FG (Page 10)