Nigeria’s Corporate Affairs Commission (CAC) has launched a new artificial intelligence-powered registration portal that allows businesses to incorporate in under 30 minutes.
The AI system automates key steps such as name reservation, document checks, and data validation—removing manual review and speeding up the process. The move aims to simplify business registration for startups and small- to medium-sized enterprises (SMEs), which often face bureaucratic hurdles.
According to a 2024 PwC report, Nigeria has roughly 40 million micro, small, and medium-sized enterprises, but fewer than 10% are formally registered. CAC hopes the new system will reverse that trend and enable access to business banking, credit, and government incentives.
While the AI tool is a step forward, experts warn broader issues remain. Policies like the ₦100 million minimum share capital for foreign-owned businesses, introduced in 2023, still deter many entrepreneurs. Sector-specific licenses can also delay full compliance.
Still, the CAC’s digital upgrade is seen as a key advancement for Nigeria’s startup ecosystem. Combined with wider reforms, it could improve investor confidence and drive economic growth.
