Some stakeholders have called for the review of the policy on the operation of Small and Medium-Scale Enterprises (SMEs) in Nigeria.
Mr Eke Ubiji, Executive Secretary of Nigeria Association of Small and Medium Scale Enterprises (NASME), said that the existing policy was no longer relevant to the development of SMEs
He made the call in an interview with the News Agency of Nigeria (NAN) in Lagos on Wednesday.
“The current policy has been in existence since 2007. It has ceased to serve the purpose for which it was formulated.
“Section five sub-section three of the current SME policy makes provision for its review after three or five years.
“This is the reason why we have been clamouring for the review of the policy,” he said.
Ubiji said that the existing policy had led to ineffective funding of SMEs recently, stressing that “there has been lack of commitment from all tiers of government”.
“The Local Governments, in particular, have done little or nothing towards the growth of SMEs.
“A review of the policy will get the local government involved in the funding of our enterprises,” Ubiji said.
Mr Leke Babalola, Zonal Coordinator of Small and Medium Scale Enterprises Development Agency of Nigeria (SMEDAN) in Lagos, also called for a review of the policy.
Babalola said that this would enable SMEDAN to face the current challenges facing SMEs in Nigeria.
“Business trends are changing all over the world. There is need to review the current SMEs policy to align with the international best practices,” he said.
Babalola said that the Minister of Trade and Investment, Dr. Olusegun Aganga, had set up a technical investigation committee to get public input into the re-drafting of the policy.
“Stakeholders’ meetings have been held in the last six months. Government and private agencies will be involved in the review of this policy,” he said.