FG Approves New National Policy On MSMEs | Independent Newspapers Limited
Newsletter subscribe


FG Approves New National Policy On MSMEs

Posted: May 15, 2015 at 3:13 am   /   by   /   comments (0)

By Chibuzor Emejor –  Abuja


Federal Government of Nigeria has approved the draft of the new National Policy on Micro, Small and Medium Enterprises (MSMEs).

Director General of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Bature Masari on Thursday in Abuja said the new Policy outlines key objectives, strategies and programmes for driving the development of MSMEs in Nigeria.

Masari said it specifies several pragmatic areas such as finance, institutional, legal and regulatory framework as well as skills development, technology, research, support services, marketing, infrastructure, among others.

He disclosed that the policy will run from 2015 to 2025, and will be reviewed every four years.

“All stakeholders in the MSMEs sub-sector were highlighted with the specific roles of international development partners and Nigerians in the Diaspora brought to the fore in the policy”, he said

Masari noted that the new policy is the brainchild of series of stakeholders’ workshops, comprising members of relevant private sector and public sector institutions who met and painstakingly reviewed the old policy which was long overdue for review after its four year duration.

Commenting on the methodology for the effective implementation and monitoring of the new policy, Masari said: “the creation of the National Council on MSME, has been brought in to take over the functions of the National Consultative Committee”.

He expressed optimism that the Council which is being headed by Nigeria’s Vice President Namadi Sambo, has the political and economic will to drive the implementation of the policy and ultimately the development of the MSMEs sub-sector in Nigeria going by her activities so far.

He hinted that a new classification for the various categories of MSMEs has been included in the new policy adding that it will foster the emergence of new MSMEs in Nigeria, especially among women and the youths.

“All those bottlenecks related to issues like collateral and other issues that make it impossible for MSMEs to access funds have been mellowed down in the policy.  Strategies for making sure that these issues do not occur as small businesses access funds are embedded in the policy,” he stated.