December 17, (THEWILL) – Registrar-General of the Corporate Affairs Commission, CAC, Mr Hussaini Magaji has said that most businesses fail due to poor planning and management.
Magaji made this disclosure during the 2023 CAC Management Retreat held in Keffi Nasarawa State capital.
According to him, “available statistics, however, indicate that 20 percent of new businesses fail in the first two years, 45 per cent in the first five years and 65 per cent in the first ten years. Only 25 percent of new businesses survive for fifteen years and above.
“Going forward, therefore, it is expected that the Commission will ensure proper management of businesses to avoid mortality rates.”
Magaji who was represented by the Commission’s Director of Compliance, Justin Nidia, spoke on the theme of the conference titled “Role of Corporate Affairs Commission in Promoting Investment and Economic Development.”
He said by ensuring proper management of businesses to avoid mortality rates, CAC would not only ensure promotion of investments by ensuring seamless registration of businesses but also new businesses would be nurtured to become multinational corporations.
According to him, the dynamic vision of CAC was to be a world-class registry, adding that the global reality was that this generation’s luxuries are tomorrow’s generation’s needs.
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