The Nigerian Government recently revised its National Policy on MSMEs based on a thorough review process led by the Federal Ministry of Trade and Investment. The Government organized several peer review workshops in 6 geo-political zones. Stakeholders provided useful comments.
Business associations, government officials, and relevant private and public sector institutions, engaged in a constructive dialogue with the Small Enterprise Development Agency (SMEDAN). The Government aimed to ensure that the national policy took stock of international best practises in MSMEs development, and responded to current challenges.
The National Policy on MSMEs dates back to 2007. After five years of implementation, the Government of Nigeria decided to revise it, taking into account feedback and lessons learned, and updated it in order for it to be in tune with current challenges. The revised MSME policy and entrepreneurship strategy extensively integrated UNCTAD's Enrepreneurship Policy Framework recommendations.
It delineates several programmatic areas, namely: national entrepreneurship strategy, finance, institutional, legal and regulatory framework, human resources development, technology, research and development, extension and support services, marketing, infrastructure and awareness & networking.
The revised policy proposes an institutional framework for policy implementation and monitoring, with SMEDAN as the primary responsible institution and the establishment of the National Council on SMEs as the apex organ for MSMEs development. It also includes an action plan and the institutional framework for implementation.
The draft capitalizes on UNCTAD’s EPF in a coherent and complementary way. UNCTAD also suggested to:
- pay attention to the objective of entrepreneurship creation in the Framework and Action Plan;
- set a specific policy objective to generate start-ups in diversified industries and services outside farming;
- specify actions for priority targets groups such as women youth, physically challenged people.
