Nigeria's Corporate Affairs Committee (CAC) has launched a new artificial intelligence-driven registration portal that allows businesses to incorporate within 30 minutes.
AI systems automate important steps such as name reservations, document checks, and data verification. This speeds up the process by repeating manual reviews. The move aims to simplify business registration for startups and medium-sized companies (SMEs) who often face bureaucratic hurdles.
According to a 2024 PWC report, Nigeria has around 40 million micro, small and medium-sized businesses, with less than 10% officially registered. The CAC hopes that the new system will overturn that trend and allow access to business banking, credit and government incentives.
AI tools take a step forward, but experts warn that a wider range of issues remain. Policies like the capital of minimum 100 million shares of foreign-owned companies introduced in 2023 have thwarted many entrepreneurs. Sector-specific licenses can also delay full compliance.
Still, CAC's digital upgrades are seen as a key advancement in the Nigerian startup ecosystem. When combined with broader reforms, it could boost investor confidence and drive economic growth.
