About forty one point five million Micro, Small and Medium Enterprises (MSMEs) operating in the country now have Revised National Policy as its operational guide.
The new document, unveiled in Abuja by the Director General, Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, Dikko Radda, redefines MSMEs into categories based on scope, turnover of business and staff count.
Addressing a news conference, the SMEDAN boss said, the revised MSMEs policy, categories a business with staff strength of between one and two and a turnover of less than three million naira as Nano, Homestead.
He also spoke on how the new policy will address the challenges of finance faced by MSMEs.
Director, Industrial Development Department, Federal Ministry of Industry, Trade and Investment, Adewale Bakare and some stakeholders shared their views on the revised MSMEs policy.
The National Policy on Micro Small and Medium Enterprises was approved in 2007 with a provision for a review after every four years.
The first review was done in 2011 while the second 2015. The third and the most recent review began in 2019 but could not be completed until the latter part of 2020 due to the outbreak of covid-19.
