Federal government has approved the reviewed National Policy on Micro, Small and Medium Enterprises, MSMEs which will be in place from 2015 to 2025 and would be review every four years.
Director General, Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, Alhaji Bature Umar Masari, who announced this yesterday in Abuja, said, “the objective of the policy is to facilitate and sustain a vibrant MSMEs sub-sector that will be the major driver of national economic growth and development including job creation”.
“It specifies several pragmatic areas such as finance, institutional, legal and regulatory framework as well as skills development, technology, research, support services, marketing, infrastructure and a host of other areas.
“All relevant 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 stressed.
The new policy, he disclosed, 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 MSMEs has been brought in to take over the functions of the National Consultative Committer.
The director general expressed optimism that “the Council which is being headed by the Vice President, 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”.
Masari 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.
On the issue of accessibility to funds, he assured that the policy spells out procedures for making access to finance easy.
“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.
“The policy also encourages MSMEs to cue into e-commerce platforms and it has also put in place all that needs to be done to make sure that access to market is good and free for small businesses”, he further explained.

READ ALSO  Japan doles out $3.78m for UNIDO’s projects in Africa