The federal government plans to cover 70 percent of GDP by 2025, according to the federal government.

The Director General of the Small and Medium Enterprise Development Agency of Nigeria, Diko Rada, addressed a stakeholder discussion on the implementation of the new national policy in MSMEs (2021-2025) in Abuja.

Radada was represented by the Director (Partnership and Coordination) on Friday at the event, part of the Coordination Measures presented by the Investment Climate Change Institute on the effective implementation of the policy.

According to him, the SME sector currently contributes 49 percent of the country’s gross domestic product (GDP) and has created more than 59 million jobs in the country.

He expressed the hope that the goal would be achieved.

By 2025, the minimum target for more than 41 million MMSEs before the policy expires is to create a conducive environment for 41 million MMS growth and at least one additional job creation. With more than 59 million, by the end of 2025, the sub-sector’s contribution has increased from 49 percent to 70 percent of GDP.

“Top five sectors, according to the same document, wholesale / retail, 42.3 percent; agriculture, 20.9 percent; other services 13.9 percent; manufacturing, 9.0 percent, and shelter / food service, 5.7 percent.

“On the contrary, the share of total exports will remain at 10.0 to 29.9 percent. These are the figures that the policy plans to increase significantly over the next five years.

He recalled that one of the challenges that SMEs faced was to develop a national policy for MSMEs in 2007.

He added that the new revised policy is the result of in-depth consultations across Nigeria, adding, “The policy is largely aimed at ensuring that SMEs in the country are active, innovative and internationally competitive.

Radada said the new national policy document has been detailed in the effort to make the policy document owned by all stakeholders, recognizing the challenges of the past and understanding the limitations of past national policies. Application Matrix, where key responsibilities of MDAs play a role in implementation.

“We do not know the overlap of power but we are confident that the right coordination will alleviate the challenges of the implementation of past policies.”

Rada commends ICR

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