To enhance the business landscape and boost economic development, the Nigerian Federal Government has joined forces with Focus Guide Nigeria Limited, a prominent tech solutions firm, to launch an innovative digital platform for business listing and verification. This initiative aims to tackle persistent business registration and verification issues, emphasizing improved transparency, trustworthiness, and effectiveness in Nigeria’s commercial sector. This collaboration marks an important step in Nigeria’s efforts to upgrade its commercial infrastructure. The project is designed to create an all-encompassing digital platform that will showcase businesses and authenticate their physical locations, guaranteeing that registered entities are both valid and accountable.
This initiative will revolutionize business operations in Nigeria, promoting a more trustworthy and open environment for entrepreneurs, investors, and government officials. At the inauguration of the Public Private Partnership (PPP) initiative in Abuja, Abuduganiyu Adebomehin, the Surveyor General of the Federation, emphasised the critical importance of reliable and current business information in Nigeria. He noted that while there are more than 41 million active businesses in the nation, a significant number are either unregistered or possess inaccurate address details, creating challenges for effective economic management and governance.
Business registration and verification will be streamlined.
The lack of precise data hinders the expansion of businesses and also impacts the ability of governments to generate Revenue and make informed strategic choices. Adebomehin highlighted that the innovative platform will utilise advanced technologies such as artificial intelligence (AI), geographic information systems (GIS), and Blockchain to establish a digital directory of companies and their authenticated locations. By offering a reliable and readily accessible database, this platform will improve business operations, boost investor trust, and foster a more competitive marketplace. Furthermore, it will provide decision-makers with the necessary information to make wise choices that will encourage economic development.
With streamlined processes for business registration and verification, they are establishing a foundation for lasting Economic Development and better governance. This system will enable entrepreneurs to initiate and manage their businesses more efficiently while offering policymakers essential insights. He elaborated that the initiative is anticipated to bring considerable economic advantages. These advantages comprise heightened Tax income, the creation of jobs, and the growth of Nigeria’s digital sector. Additionally, the initiative is likely to lower companies’ operational expenses, boost their exposure, and strengthen Nigeria’s competitiveness on the global stage.
Digital marketplace will be expanded by the initiative.
Christian Eddie, the Managing Director of Focus Guide Nigeria Ltd, discussed the significant changes the digital business listing and verification platform will bring to the Nigerian economy. He emphasised that Nigeria’s digital market is set for tremendous expansion, with estimates indicating that smartphone users could hit 850 million by 2025. Eddie is confident the platform will connect companies with the expanding digital marketplace, promoting safe online engagements, accelerating business development, and encouraging creative advancements. Eddie emphasised that the newly developed platform transcends mere business listings; it aims to supply crucial data that enhances Tax Revenue for the government.
He clarified that this platform will grant different government departments, institutions, and private entities access to trustworthy information regarding Nigerian businesses, aiding in the formation of economic policies and strategic initiatives. This initiative sets an ambitious target of registering 10 million companies within five years. The initial two years will concentrate on developing the platform and executing a pilot launch in Victoria Island, Lagos, to ensure all business entities undergo listing and verification. In the third year, a broader national rollout is anticipated, aiming to register more than two million businesses.
Related article: CAC adopts AI tech to ease biz registration
By the fourth year, projections indicate that the figure will exceed four million, and during the fifth and concluding year, the initiative will emphasise Sustainability along with the registration of another four million enterprises. This collaboration highlights the government’s dedication to utilising Technology to advance the nation. The government aims to enhance Nigeria’s business landscape and foster a more competitive Economy by establishing a platform that streamlines the business registration and verification processes. By focusing on clarity, effectiveness, and cutting-edge technology, this initiative will aid businesses and the government in its economic strategies.