Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, has introduced new National Policy on Micro, Small and Medium Enterprises, MSMEs. According to the Director General of the Agency, Bature Umar Masari, in a keynote address at an interactive session held with stakeholders in Kaduna on Thursday, the introduction of the new policy ‘was borne out of the challenges faced by the Agency in the past despite the success it recorded’.
Speaking further, the DG highlighted weak stakeholder buy-in, lack of strong commitment to MSME development by all tiers of Government and weak institutional synergy as some of the challenges that necessitated the introduction of the new policy. Some other constraints noted by the Director General also includes, ineffective funding of the MSMEs development process, and weak capacity among operators.
The aim of the review process was to ensure that the Policy was updated to reflect unfolding economic and social imperatives affecting MSMEs in Nigeria, it is also to ensure that the Policy is aligned with international best practices in MSMEs development, as well as promote businesses in the country so as to provide job opportunities for the people.
According to the DG in achieving these objectives, several workshops were undertaken in the six geo-political zones of the country, as well as validation workshops to review the process; the new national policy is divided into five key areas- (Background, Fundamentals of National Policy on MSMEs, General Policy Areas, Special Target Enterprises, Stakeholders in MSMEs Development and Policy Implementation Structure).
For effective implementation of the policy, National council on MSMEs headed by the Vice president has been set up to take over from the National Consultative Committee, NCC.

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