By Ivie Erhunmwunse

The Corporate Affairs Commission (CAC) says it has commenced the registration of two million small businesses as part of measures towards formalizing the sector.

The CAC, in a statement, said its Registrar-General, HussainiMagaji, revealed this at a ceremony in Abuja.

He said the registration will stimulate economic growth, foster regulatory compliance, and encourage economic development through taxation revenue.

The commission has been grappling with low registration of businesses in the country, hence the formalization of these enterprises is crucial for economic growth and access to financial opportunities.