FCTA Approves 75% Discount For Business Registration

The Federal Capital Territory Administration, FCTA, has approved the initiative of the Abuja Enterprise Agency, AEA, to support the establishment of more MSME’s through the grant of 75 per cent discount on the cost of registration of businesses with the Cooperate Affairs Commission, CAC.

This was disclosed by the FCTA Permanent Secretary, Mr Olusade Adesola during the 2nd edition of FCT-SEB Trade and Entrepreneurial Exhibition event organized by the FCT Secondary Education Board, FCT-SEB, held in Abuja.

The Permanent Secretary explained that, the event was conceived to recognize, encourage and support the grooming of future Entrepreneurs, Innovators and Trades/Craftsmen in the Federal Capital Territory.

Adesola also hinted that in alignment with the vision of Mr. President, the FCT Administration through the Abuja Enterprise Agency has also initiated and sustained various entrepreneurial programmes designed to gainfully engage the youths in the territory.

While calling as many of the FCT residents to explore opportunities offered by this intervention, Adesola assured of the sustain support of the Federal Capital Territory Administration to entrepreneurial development.

Adesola further explained that, in recognition of the role of youths in nation building and the need for a paradigm shift towards developing self sufficient, innovative and entrepreneurial youths, President Muhammadu Buhari, has through various agencies initiated and funded policies and programmes toward the development of the Nigerian youth.

He noted that, Programmes such as the Youth Entrepreneur Support Program (YES-P), Presidential Youth Empowerment Scheme (PYES), N-Power Empowerment Programme, Nigeria Youth Investment Fund, etc are all worth noting.

According to him, ” the inculcation and development of the spirit of trades/craftmanship, innovation and entrepreneurship in our youth is at the heart of our industrialization and by implication, our economic development as a nation. As we are aware, the Micro, Small and Medium Enterprises (MSME) are a product of the activities of Trade/Craftmen and Entrepreneurs. We may ask. what role do they play in nation building?

A survey conducted on Nigeria’s Small and Medium Enterprises (SMEs) by Price water house Coopers (PwC Nigeria) titled “Assessing current market conditions and business growth prospects”, observed that MSME sector is the backbone of major developed economies, as well as important contributors to employment, it reported that MSMES in South Africa, account for 91% of businesses, 60% of employment and contribute 52% of total GDP. For our nation to achieve its potentials therefore, it is necessary that programmes such as these are encouraged at the grassroot levels: for as the sayings goes “catch them young” and “despise not the days of small beginnings”, Adesola Said.

He pointed out that the ongoing financial revolution for financial inclusion is being championed by the youths, noting that, Fintechs such as Flutterwave, Piggyvest, Paga, etc are entrepreneurial efforts of youth.

Adesola said while there has been remarkable improvement in the nation’s entrepreneurial journey which has been championed by the youths, stressed that there is room for improvement considering the youthful demography of the population.

Earlier, the Director FCT Secondary Education Board, Mrs Nanre Emeje said the FCT Permanent Secretary, who is passionate about the survival of the next generation, based on hard work, advised that this exhibition be held annually.

The Director stated that, through her growing experience, the achievement of the maiden edition and in compliance to the Permanent Secretary’s advice, she was propelled and determined that irrespective of auspicious academic times, this laudable programme must be included in the schools calendar and sustained as a yearly programme.