Govt pegs business registration cost at N15,000

By The Nation Newspaper

The Federal Government has approved the downward review of the cost of Business Registration at the Nigerian Investment Promotion Commission (NIPC) from N50, 000 to N15, 000 ($100).

The new rate is designed to make Nigeria highly competitive in line with international best practices.

The Minister of Trade and Investment, Olusegun Aganga, who stated this, said the review was at the instance of NIPC and also in line with the desire of the government to improve the country’s competitiveness rating on doing business.

In a statement, the Deputy Director, Press, Joel Attah, said it was an attempt at lowering the cost of doing business in Nigeria. This is expected to substantially enhance the country’s National Competitiveness as a Foreign Direct Investment Destination (FDI), he stated.

“In the light of this development, both new and existing investors are enjoined to take advantage of this gesture to ensure that they are dully registered with the Commission. Failure to do so would be a violation of the law, Attah,” added.