The Federal Government on Thursday said the Corporate Affairs Commission would from October 1, 2014 begin electronic registration for companies willing to set up businesses in Nigeria.

This was disclosed by The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga during the quarterly meeting of the ministry and its parastatals to review progress so far made in the implementation of the federal government transformation agenda as well as to discuss some of the challenges by the ministry.

Aganga said the online registration would help to minimize the cost of doing business in Nigeria significantly and also help reduce the time spent in registering a business.

He said, “We are hoping to have electronic registration of companies and this will commence from the first of October this year.

“We hope to ensure that from that date, Nigerians would no longer have to incur other extra costs and inconveniences to travel to CAC office to register and wait for a long period of time before they register their business.

“That will bring the cost and the time of setting up businesses down significantly in this country. This is the first time ever that Nigeria will have an online electronic system.”