How FG New Policy Will Improve MSMEs 

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Niyi Adebayo, Minister of Industry, Trade and Investment

 

Small-Medium Enterprises play a vital role in the country’s overall production networks and they are core to the economic growth of developing countries. The contributions of formal SMEs are 50% of total employment and 33% of the national income of emerging economies.

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SME establishment is considered to be important at present days. Finance accession is the main constraint to SME growth, without that many SMEs are declined.  Out of the SMEs contribution, there is a significant growth in GDP and proper money flow across the economy is noticed. SME charges lower rates to their clients by providing a quality business.

Meanwhile, Federal government through the Federal Ministry of Industry, Trade and Investment on Tuesday had approved the revised National Policy on Micro, Small and Medium Enterprises (MSMES) which provides the framework to resolve the challenges faced by the sub-sector.

The revised policy which accommodates key changes that occurred in the national and international socio-economic scene, was a product of deep and wide consultations with critical stakeholders across the country such Federal government as MSMEs operators, policymakers, academics/researchers, and development partners, both local and international.

The implementation of the policy would set the MSMEs on the path of sustainable growth and development as they would start to accorded special attention to the growth and development of the sector, with special emphasis on women-owned enterprises.

In a similar vein, the Federal government had also revealed plans on the drafting of national policy on startups so as to keep pace with innovation and the new wave of digital revolution of the start-up ecosystem in the country.  government’s commitment to positioning the MSMEs for global competitiveness through effective implementation of policies and programs

This commendable move from the government is well aimed at repositioning the Nigerian start-ups to be major contributors to GDP with the implementation of the Survival Fund scheme which has received commendation by stakeholders across the country, further provisioned for 45 percent female-owned businesses.

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Implementation of these SMEs policies would be positioning the MSMEs for global competitiveness through effective implementation of policies and programs and as result, the country’s GDP will grow with the private sector collaboration in achieving its mandate.

 

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