Federal Government Approves New Policy Framework for MSMEs

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The Minister of State, Federal Ministry of Industry, Trade and Investment, Mrs. Maryam Yalwaji Katagum

The Minister of State, Federal Ministry of Industry, Trade and Investment, Mrs. Maryam Yalwaji Katagum, has said the Federal Executive Council (FEC) has finally approved the revised National Policy on Micro, Small and Medium Enterprises (MSMES) which provides the framework to resolve the challenges faced by the sub-sector.

The minister said the revised policy which accommodates key changes that have occurred in the national and international socio-economic scene, was a product of deep and wide consultations with critical stakeholders across the country such as MSMEs operators, policy makers, academics/researches and development partners, both local and international.

Speaking at signing of a Memorandum of Understanding (MoU) between the Nigeria Entrepreneurs Forum (NEF) and the Organisation of Women in International Trade (OWIT), in Abuja, she expressed optimism that the implementation of the policy would set the MSMEs on the path of sustainable growth and development.

The minister further emphasised the critical role which MSMEs, especially women-owned businesses play in the development of the national and global economy in terms of employment generation and contribution to Gross Domestic Product (GDP) as this cannot be over emphasised.

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