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CAC processes 10,000 daily registrations after AI rollout

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The Corporate Affairs Commission has disclosed that it now processes close to 10,000 business registration requests daily, a dramatic leap from the “few hundreds” recorded in its early years, following the full deployment of artificial intelligence across its service platforms.

The commission, however, admitted that the transition to an AI-driven portal caused disruptions and temporary setbacks in productivity and service delivery in 2025.

The Registrar-General of the commission, Hussaini Magaji, made this known on Monday in Abuja at the opening ceremony of CAC’s 35th anniversary celebration, where he described the milestone as a defining moment in Nigeria’s economic formalisation drive.

The event, themed “Upholding Public Trust through Excellent Service Delivery,” was held to celebrate the commission’s resilience, teamwork, and institutional evolution since its establishment in 1991.

The commission was established by the Companies and Allied Matters Act of 1990 to replace the inefficient Company Registry.

As an autonomous body, it handles the incorporation and regulation of companies, business names, and incorporated trustees. It was modernised by CAMA 2020.

Speaking in his address, Magaji said CAC’s operations have since evolved into a fully digital, end-to-end registry, accessible across Nigeria and globally on a 24-hour, seven-day basis.

“When the Corporate Affairs Commission was established in 1991, our story began humbly, but with a bold mandate. At the time, CAC operated from a single office in Area 11, Garki, Abuja, serving the entire nation.”

He recalled that business owners and associations were then forced to travel from across the country to Abuja to register entities, as processes were entirely manual and records were paper-based.

“Service delivery was limited by geography and time. Yet, that single office laid the foundation for what has become one of Africa’s most dynamic and reform-driven corporate registries. Fast-forward to 2026, and our services are no longer confined to one location,” he said. “This is our evolution: from paper to portal, from queues to clicks, from stress to seamless, from one office to the world.”

He attributed the surge in registration volumes to tax reforms, government policies promoting the formalisation of informal businesses, and the rapid growth of digital and social media-driven enterprises.

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“To put this into perspective, CAC now receives close to 10,000 business registration requests daily, compared to only hundreds in the past,” Magaji said. “In addition, our complaint management system, through emails and call centres, now handles an average of 5,000 inquiries every single day.”

He argued that such volumes would be impossible to manage manually. “Imagine the number of staff required to manage this volume. Only AI can effectively complement human capacity with the required speed, accuracy, and precision,” he added.

He, however, acknowledged that the year was particularly challenging due to the transition, noting that transformational change often comes with initial difficulties.

“I must acknowledge, however, that 2025 was particularly challenging. The transition to an AI-driven portal came with disruptions and temporary setbacks in productivity and service delivery in some areas. Transformational change is never easy. Nevertheless, I sincerely appreciate our stakeholders and customers for their patience, understanding, and confidence that the desired outcomes will emerge.

“As I have consistently assured you, I will not relent until the CAC delivers services that rank among the best in the world. Indeed, nothing truly good comes easy. Today is not merely a celebration of time; it is a celebration of purpose, resilience, transformation, and national impact,” Magaji said.

Magaji described the commission’s AI transition as inevitable, stressing that CAC had already become a global reference point in name reservation and business name registration, with turnaround times of as little as 10 minutes.

“Let me state clearly: the deployment of AI at CAC is not optional; it is necessary. Nevertheless, I sincerely appreciate our stakeholders and customers for their patience, understanding, and confidence that the desired outcomes would emerge.”

To deepen its digital transformation, Magaji announced the signing of a Letter of Collaboration between CAC and Google, describing it as a strategic partnership to strengthen service delivery. “Google brings global expertise and technological support that will further strengthen our systems, enhance portal performance, and deepen the ease of doing business in Nigeria,” he said.

He also unveiled a redesigned CAC website (www.cac.gov.ng) featuring new AI-powered tools, including an AI Lawyer, which provides instant responses on CAC laws and procedures, and an AI Name Generator, which allows users to generate and reserve scalable business names with ease.

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As part of its anniversary initiatives, the commission approved free business name registration for 3,500 small businesses across the 36 states and the Federal Capital Territory.

Other initiatives include scholarships for the six best corporate law students from each campus of the Nigerian Law School in 2026, donation of 120 mattresses to an IDP camp, support for orphanages, and a 25 per cent commemorative staff bonus. Special car and housing loan schemes were also announced for staff, alongside board-recommended promotions for pioneers and retiring officers.

“As we celebrate the past, we are even more inspired by the future, one driven by technology, efficiency, transparency, and global standards.

“In the spirit of this celebration, the management of CAC has approved the following initiatives: free business name registration for 3,500 small businesses, to be distributed across the 36 states of the federation and the Federal Capital Territory; scholarships for six best corporate law students from each of the six campuses of the Nigerian Law School for the year 2026, in support of corporate law studies; donation of 120 mattresses to an IDP camp; and support for orphanages as part of our social responsibility.

“Equally, in recognition of our resilient staff who have driven these reforms, and in line with our Conditions of Service, particularly Paragraph 6.02, I am pleased to announce a commemorative staff bonus of 25 per cent of one month’s gross salary, applicable for this month only. Special car loan and special housing loan.

“Finally, to our pioneers and retiring staff who could not make it in the current promotion exercise, the Management has recommended their promotion to our Board in line with our Conditions of Service,” he concluded.

Delivering a goodwill message, the Chairman of the House of Representatives Committee on Commerce, Ahmed Munir, said the commission’s digital transformation had simplified the process of business registration and empowered millions of entrepreneurs to transition from the informal to the formal economy.

According to him, CAC’s reforms have strengthened Nigeria’s structured economy by easing the journey from business ideas to fully registered corporations. He urged stakeholders to work together to ensure that no Nigerian entrepreneur is hindered by regulatory barriers but supported by an efficient and ambitious system.

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“Embrace the digital frontier by simplifying the path from idea to corporation. You have empowered millions of entrepreneurs to move from the informal sector into the structured economy.

“I see a future where ECOWAS shall be freely integrated with a West Africa Corporate Affairs Commission headquartered in Nigeria, backed by an ECOWAS stock market to expand capital within ECOWAS communities, becoming a major player in the technical community and the global market square. Our committee remains committed to providing legislative support, as necessary, to further enhance your digital infrastructure and transparency.

“We view the CAC not just with recognition, but with responsibility. As we look to the future, let us remember that every certificate issued is more than just paper. Let us work with vigour to ensure that no Nigerian entrepreneur is held back by regulation, but is instead propelled by a system that is as fair and ambitious as they are. Together, we are not just registering companies; we are igniting the engine of the giant of Africa. Congratulations to the men and women of staff; onward to greater heights,” he said.

The Director-General of the National Information Technology Development Agency, Kashifu Abdullahi, pledged technical backing for CAC’s AI reforms. “We are in the era of artificial intelligence, and the only way to transform institutions today is to embrace and integrate AI into operations,” Abdullahi said, assuring the commission of support in deploying ethical and responsible AI solutions.

Established in 1991, the Corporate Affairs Commission is Nigeria’s statutory body for the registration and regulation of companies, business names, and incorporated trustees. Its reforms are central to the Federal Government’s drive to improve Nigeria’s ease-of-doing-business ranking, expand the tax base, and formalise micro, small, and medium-scale enterprises.

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Nigerian states’ revenues rise 93%, but education spending drops — World Bank

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The World Bank says Nigeria’s 36 states recorded a 93 per cent increase in revenues between 2023 and 2025 but education received a declining share of the sector’s expenditure.

The bank disclosed this in its latest Nigeria Development Update, which examined how increased public revenues have influenced spending priorities across the federation.

The report was made available to the News Agency of Nigeria by the World Bank in Washington D.C.

According to the report, states’ aggregate revenues rose by approximately 93 per cent in real terms, while expenditure increased by 92 per cent during the period.

The report attributed the improvement partly to exchange-rate reforms, petrol subsidy removal, stronger revenue administration and increased allocations from the federation account.

It said states also benefited from refunds, settlement of longstanding federal obligations, intervention funds, and stronger Value Added Tax collections.

However, education’s share of total state expenditure declined from 14.9 per cent in 2021 to 12.1 per cent in 2025, according to the report.

Health expenditure remained broadly stable at approximately seven per cent, while social protection’s share increased from 1.4 per cent to 4.4 per cent.

The bank said capital expenditure increased significantly, accounting for 61 per cent of state spending, compared with 46 per cent previously.

Transport infrastructure recorded the largest increase, alongside substantial spending on housing, agriculture and other economic investments.

The report quoted Mathew Verghis, the World Bank Country Director for Nigeria, as saying that increased revenues provided the opportunity to improve infrastructure, education, healthcare, and water services.

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He said greater spending efficiency, accountability and improved service delivery were essential to ensuring that additional public resources benefited Nigerians.

The bank acknowledged improvements in states’ fiscal reporting, transparency and internally generated revenue.

It, however, stressed that stronger investment in human capital was necessary to translate economic reforms into sustainable employment and improved living standards.

The report also projected average economic growth of 4.4 per cent between 2026 and 2028, subject to sustained reforms and improved service delivery.

It urged federal and state authorities to ensure that increased public revenues translated into tangible improvements in Nigerians’ welfare.

NAN

Source: punchng.com

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Nigeria promotes investment without building production capacity – UNILAG don

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A professor of Comparative Political Economy at the University of Lagos, Adelaja Odukoya, has asserted that Nigeria’s economic policies promote investment without sufficiently strengthening domestic production.

Odukoya argued that the contradiction had weakened the country’s productive foundations, with policies encouraging investment and entrepreneurship while failing to create the technological capacity, productive employment and processing industries needed to drive sustainable development.

Odukoya spoke at the maiden edition of the Adeleke University Toyin Falola Annual Lecture, held on Thursday at the Performing Arts Theatre, Adeleke University, Ede.

The lecture had as its theme, “History, Power and Accumulation: Reimagining Africa in the Globally Disorderly Order.”

Odukoya identified several contradictions in the way the Nigerian state manages economic activity.

He said, “The state promotes investment without creating conditions for technological transfer. It encourages entrepreneurship without generating sufficient productive employment.

“It expands primary-product exports while leaving processing capacity undeveloped. It constructs infrastructure without establishing strong linkages with domestic production.”

According to him, the contradictions explain why increased economic activity and accumulation do not necessarily translate into development.

“Accumulation is not synonymous with development,” Odukoya stated.

He argued that genuine development should be measured by the expansion of productive, technological, institutional and human capabilities.

“A country could attract investment, export minerals and agricultural commodities and record economic activity while still failing to build the domestic industries and technological capabilities required for long-term development,” he said.

His argument was echoed by Prof Toyin Falola, who said Africa’s vast natural resources would continue to reinforce dependency unless governments developed the industrial, technological and institutional capacity to transform them into productive power.

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Falola said Africa’s resource problem was not simply one of historical exploitation, but also the continent’s failure to convert its resource endowments into power.

“The issue, however, is not just to repeat the history of exploitation. It is more important to know how Africa turns its great resources into power,” Falola said.

He argued that Africa could not afford to remain a spectator as global economic and geopolitical arrangements continued to change, stressing that resource ownership without the capacity to add value would not guarantee influence.

Falola said the continent required a combination of knowledge, government policy and industrial capacity to change its economic position.

“There must be universities that generate new knowledge; there must be governments that translate this knowledge into policies; there must be industries that add value to the continent’s natural resources,” he said.

He added that Africa needed more than improved infrastructure and stronger economies if it wanted to exercise greater influence in the global system.

“The future of the continent will require more than just better infrastructure, improved economies, and more effective political institutions,” Falola said.

Source: punchng.com

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Import waivers, insecurity end two-year agric trade surplus

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Import waivers meant to ease hunger and insecurity on farms have led to a deficit, ending a two-year run of surpluses, as Nigeria’s agricultural trade balance swung from a N740.27bn surplus in the first half of 2025 to a N56.13bn deficit in H1 2026, according to agriculture and trade experts.

Recent foreign trade data from the National Bureau of Statistics showed that agricultural exports fell by 33.28 per cent, or N985.14bn, to N1.98tn in H1 2026 from N2.96tn in H1 2025.

Agricultural imports fell by only 8.50 per cent, or N188.74bn, to N2.03tn from N2.22tn over the same period. The gap between the two movements produced a N796.40bn swing in the trade balance.

Nigeria recorded a N365.74bn deficit in H1 2023, when imports of N926.25bn far exceeded exports of N560.51bn. The balance then turned to a N194.92bn surplus in H1 2024 before it widened to N740.27bn in H1 2025.

In separate phone interviews with The PUNCH, Agribusiness experts, including the Chairman of the Lagos Chamber of Commerce and Industry’s Agricultural and Allied Group, Tunde Banjoko, explained that recent government policy led to the shift.

Banjoko said, “Some waivers were given for products like palm oil and rice, and the import tariffs were drastically reduced. It became more favourable for people to import than to patronise local producers.”

He said the waivers on food commodities hurt domestic producers, even though lower tariffs on tractors and manufacturing equipment helped them.

According to Banjoko, “The effect is that our imports will rise above our exports. Second, we will discourage local production. Thirdly, we will be reducing employment, because some factories will shut down if they are not able to compete.”

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Banjoko also said weak funding for processors compounds the problem. He said foreign direct investment flows mainly into the capital market rather than into production and processing, so local processors cannot scale.

He urged the Federal Government to speed up the Special Agro-Industrial Processing Zones programme. “We should speed up such projects where we can produce enough for our country and start exporting, not look for shortcuts by reducing prices,” Banjoko added.

Meanwhile, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, identified two major factors behind the deficit. He said the first was the Federal Government’s decision to allow some food imports to tackle runaway inflation.

Yusuf said, “The first is the decision of the government to allow for some food imports as a result of the challenges of food inflation, which at a point was getting almost completely out of hand.”

He added that insecurity worsened the supply gap and cut export capacity, stating, “Insecurity led many farmers to leave their farms. Many of them have ended up in IDP camps, and quite a number have completely abandoned farming.”

He added that farmers cannot export without output. Yusuf said, “You can only export when you have the output.”

Yusuf also said high input costs and falling produce prices have discouraged farming. He said, “Most of these inputs are imported, so the exchange rate situation has seriously affected the cost of inputs, and the prices of produce have gone down.”

He urged the Federal Government to cut the cost of fertiliser, agrochemicals, machinery and improved seedlings. He also called for a minimum guaranteed price for agricultural produce.

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Yusuf said, “The government can establish a threshold below which, if prices fall, it will give farmers some compensation. That is the way it is done in many other economies.”

Source: punchng.com

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