SMEDAN unveils new policy for 41.5m MSMEs

Over 41.5 million Micro, Small and Medium Enterprises (MSMEs) operating in the country now have revised national policy as operational guide. The new document, unveiled yesterday in Abuja by Director-General of Small & Medium Enterprises Development Agency, SMEDAN, Mallam Umaru Dikko, now redefines MSMEs into four categories based on scope, turnover of business and staff count. In the revised MSMEs policy, a business with staff strength of between one and two and a turnover of less than N3 million is categorised Nano/ Homestead; any business with a staff strength of between three and nine with turnover of N3 million to N25 million falls under micro enterprise; a business with staff of between 10 and 49 with turnover of N25 million, but less than N100 million comes under small business while a business with staff strength of 50 to 199, having a turnover of N100 million and above, but less than N1 billion is designated medium enterprise.


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