The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has begun updating the National MSME Policy to reflect current economic realities and future opportunities. The agency made this announcement during a special session at the ongoing African Union (AU) MSME Forum.
SMEDAN shared the update on its official X (formerly Twitter) page. The Director General explained that the new policy will follow a co-creation process, bringing together public and private sector players to design a more inclusive and practical framework. He confirmed that the current policy, which supports small businesses, will be replaced later this year.
SMEDAN Director General, Charles Odii, Speaking at the African Union (AU) MSME Forum 2025.
The updated policy will address major changes that have taken place since the last review. These include the implementation of the African Continental Free Trade Area (AfCFTA), increased digital adoption after the COVID-19 pandemic, global supply chain shifts, and ongoing national reforms. SMEDAN wants the new policy to strengthen Nigerian MSMEs and help them compete across African and global markets.
The agency has already partnered with local business groups and international development agencies to shape the policy. It aims to ensure the new policy meets real business needs such as access to finance, digital technology, market expansion, and government backing.
By leading this renewal, SMEDAN is taking a major step to boost Nigeria’s small business sector. MSMEs remain critical for creating jobs, reducing poverty, and driving innovation. This update shows SMEDAN’s strong commitment to inclusive economic growth.
As the process moves forward, SMEDAN will continue engaging stakeholders and sharing updates with the public to promote transparency and shared ownership.
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