The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) said the Micro, Small and Medium Enterprises (MSMEs) policy review is yet to be approved by the federal government.
The Director-General of SMEDAN, Dikko Radda, disclosed on Thursday, December 17, in Abuja during a meeting with the Commerce and Industry Correspondents Association of Nigeria (CICAN).
Radda explained that the MSME policy was initially developed in 2006 in partnership with the United Nation Development Programme (UNDP) and was later reviewed in 2010 and 2015.
The SMEDAN DG said: “We are reviewing it again and have concluded everything about the policy. We have done the validation and have received input from stakeholders in the MSMEs ecosystem.
“It was presented to the Ministry of Industry, Trade and Investment and for the Federal Executive Council’s approval. It is still awaiting approval to bring into effect the new MSMEs policy in the country.”
According to him, major areas of the reviewed policy include the classification of MSMEs based on turnover, as well as manpower.
Speaking about the major challenge facing MSME’s in Nigeria, he stated that they need to learn how to package their products for export, citing the inclusion of the Export Facilitation Programme, which orientates small businesses on brand strategies, regulatory challenges, including products packaging and quality control for export.
He added: “We have quality products in Nigeria but most of the problems MSMEs face are lack of proper branding and quality control of their products as well as regulatory issues.
“Nigerian MSMEs have regulatory issues that are challenging in terms of National Agency for Food and Drug Administration Commission (NAFDAC) registration, Standards Organization of Nigeria (SON) certification and products registration. Through the project, the MSMEs are being enhanced.”