 has announced plans to incorporate Artificial Intelligence (AI) into its operations, starting with a pilot project aimed at improving business name registration and the incorporation of limited liability companies.){kind=link}
The Corporate Affairs Commission (CAC) has announced plans to incorporate Artificial Intelligence (AI) into its operations, starting with a pilot project aimed at improving business name registration and the incorporation of limited liability companies.
Hussaini Magaji, the Registrar-General of the CAC, shared this development on Tuesday during the commission’s stakeholders’ customer forum in Lagos.
The forum, which marked the first of its kind for the year, was designed to gather feedback on the CAC’s performance.
Represented by his special adviser, Justine Nidiya, Magaji emphasized that this initial AI implementation would serve as a foundation, with additional operational processes to be integrated in the future.
Magaji highlighted the growing importance of AI, noting that by 2030, automation could replace up to 80 percent of current jobs.
“In embracing AI, the commission is preparing for the future,” he said.
He also outlined plans to introduce value-added services (VAS), which will offer tailored services to different stakeholder groups. As part of this initiative, organizations with advanced application programming interfaces (APIs) will be granted access to customized data formats beyond the current standard offerings.
While discussing challenges faced by the CAC, Magaji acknowledged the difficulties posed by the liberalization of foreign exchange rates and rising petroleum prices, which have driven inflation.
Despite these hurdles, the commission has managed to maintain its operations.
To ensure continued efficiency, Magaji mentioned the possibility of increasing filing fees to sustain the commission’s activities.
He urged stakeholders to collaborate with the CAC to successfully roll out the new AI-powered Company Registration Portal (Intelligent CRP 3.0) and other reforms, which he believes will benefit both stakeholders and the country at large.
Magaji also called on the business community to treat the business formalization initiative as a national priority, stressing that significant development cannot be achieved while the majority of Nigeria’s micro, small, and medium enterprises remain in the informal sector.
Efosa Ewere, chairperson of the Lagos State chapter of the Institute of Chartered Secretaries and Administrators of Nigeria, commended the CAC for adopting the AI tool, recognizing its potential to enhance the registration process.