Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has since commenced the mass registration of Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
This mass registration exercise will facilitate the development of a comprehensive database for MSMEs in Nigeria, and each MSME will have a Unique Identification Number created for them.
Who can register?
This registration exercise is open to all Micro, Small, and Medium Enterprises operating in Nigeria, including Artisans, traders, Tailors, Fashion Designers, Spare Parts Dealers, Barbers, and so much more! If you run a business, you are qualified to register.
Registering as an MSME on this database will enable critical stakeholders in the private and public sectors to provide you with the necessary support, policies, and programs tailored for you. Registered MSMEs will be the direct beneficiaries of various SMEDAN programs, as well as other public and private sector organizations.
What Are the Benefits of Registration?
The registration exercise is simple and easy to complete within minutes. More importantly:
• Creation of a SMEDAN Unique Identification Number (SUIN);
• Getting Priority funding from public and private sector financial institutions, including International Donor Agencies;
• Future Empowerment Programs and Entrepreneurship Training organise for Small Scale businesses
• Business Insurance
Access to Business Insurance
Running SMEs in Africa can be quite daunting; from seeking funds to employing the right people and more. It doesn’t end there; there is also the risk factor of losing your business capital, profit, and even interest.
However, you can avoid all these with ‘Business Insurance.’ Business Insurance is an insurance type established to protect businesses from unforeseen losses that may arise in the course of the business.’
Having established that, one of the benefits of SMEDAN registration for your business is that it grants you access to business insurance. This way, you are assured that your business is in safe hands regardless of future occurrence.
Below is a list of various types of business insurance you will have access to as an SME in Africa:
1.Business property insurance
2. General liability insurance
3. Workers compensation insurance
4. Professional liability insurance
5. Employment practices liability
6. Directors and officer’s liability insurance and Many More