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Tuesday, November 29, 2022

New MSMEs policy ‘ll enhance
job creation – SMEDAN

By Francis Akinnodi


The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has said that the new National Policy on Micro, Small and Medium Enterprises (MSMEs) would create more jobs to the unemployed in Nigeria.

SMEDAN manager in Ondo state, Biodun Ayedun who made the disclosure in Akure, said the new document, which promises a robust access to finance, came into force after several consultations and engagements with relevant stakeholders.

He said : “You would recall that there was no strategic policy document to guide the development of MSMEs prior to the establishment of the Agency in 2003.

“Understanding this critical need, the agency assiduously worked to ensure that the first official National Policy on MSMEs was approved with a provision for four years review.

“The first review was however carried out in 2015 to reflect the changes within the MSME space as at that time. This process for the second review actually started in 2019 but spilled over into 2020 because of so so many unavoidable occurrences especially Covid-19.”

He said, “The new policy also identified some key areas required sustained efforts in their development and Chief among them is Finance

“The policy objectives with regards to finance are to effectively address the challenges of financial access to create, operate and expand viable MSMEs.

“Towards achieving this, the policy recommends the need to harmonise all existing interventions schemes and create information portal for themannd also a create a wholesale banking institution for MSMEs funding,” he said.

He expressed delight that states were fully carried along in the development of the revised policy, adding that the agency has so far inaugurated committees in 23 states committees, which would go a long way in ensuring seamless implementation.


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