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FG: Revised MSMEs policy captures innovations, reforms

The Federal Government says the revised National Policy on Micro, Small and Medium Enterprises (MSMEs) has taken cognisance of innovation, harmonisation and reforms in the sector. Amb. Mariam Katagum, Minister of State for Industry, Trade and Investment, said this on at a Webinar organised by the Abuja Chamber of Commerce and Industry (ACCI) as part of activities to commemorate the 2021 MSMEs Day. Katagum, represented by Mr Adewale Bakare, Director, Industrial Development Department of the Ministry, said the revised MSMEs policy was recently approved by the Federal Executive Council (FEC).

She said the new reforms included the Medium-Term Expenditure Framework and Fiscal Strategy, Finance Act 2020, Frequently updated national sectoral policies and tighter land border controls. Others, according to her include, African Continental Free Trade Area (AfCFTA) and various Financial Intervention Schemes by the Federal Government. “Other highlights of the revised National Policy on MSMEs include the replace ment of Asset Base with Turnover and the split of micro enterprises into two sub-group: the “nano” and “micro” in the new classification of MSMEs.

“This classification is not only in tandem with global practices but reflects the realities in our national economy and gives clarity on the class of enterprises that required more interventions,” she said. Katagum reiterated Federal Government’s commitment to implementing policies and programmes that would create enabling environment to stimulate domestic and Foreign Direct Investment (FDI) in all sectors of the economy.

Dr Al-Mujtaba Abubakar, President, ACCI earlier in a remark, commended the Federal Government on the conclusion of the national MSMEs policy, a laudable step to pay serious attention to MSMEs in Nigeria. Abubakar expressed delight on the partnership between ACCI and Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) to drive the implementation of the new policy.

“Already, Nigeria’s MSMEs are energised and are poised to storm the export markets in the spirit of AfCFTA,” he said. He further noted that the AfCFTA action plan which was developed by its National Action Committee when taking alongside the MSMEs policy would position Nigeria as a leading economy. Abubakar said the ACCI as a corporate body would save the government the problem of data gathering and registration of businesses that required financial interventions. “The chamber movement has comprehensive lists of MSMEs across Nigeria. It will, therefore, be easier for government not just to liaise with the chambers of commerce but to also have feedback,” he said.

 

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