The Nigerian Minister of State, Federal Ministry of Industry, Trade and Investment, Mrs Maryam Yalwaji Katagum, has announced the approval of the revised National Policy on Micro, Small and Medium Enterprises (MSMEs) by the Federal Executive Council which provides the necessary framework to create innovative solutions towards challenges faced by the sub-sector.

The Minister disclosed this at the signing of a Memorandum of Understanding (MoU) between the Nigeria Entrepreneurs Forum (NEF) and the Organisation of Women in International Trade (OWIT), in Abuja, where she remained optimistic that the implementation of the policy would set the MSMEs on the path of sustainable growth and development in the Country.

As disclosed by the Minister, the revised policy accommodates key and valuable changes on the national and international socio-economic scene of the country, and as a result, it is a product of deep and wide-reaching consultations with critical stakeholders and key individuals across the country such as MSMEs operators, policymakers, academics/researches and development partners, both local and international.

The Minister appreciated 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) noting that the MoU will provide better opportunities for them to grow.

“More so, I believe that the implementation of this MoU that would be signed today, will provide another platform to impact women-owned enterprises in the country, She said.