The Federal Government on Tuesday unveiled a new National Policy on Micro, Small and Medium Enterprises.

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, who made a public presentation of the document in Abuja, stated that the move would help to improve the ability of Nigerian MSMEs to compete effectively in local, regional and global markets.

The policy, according to him, outlines the general parameters, benchmarks and directions within which MSMEs programmes, interventions and initiatives will be designed, implemented, monitored and evaluated

Also at the event, the result of the 2013 national MSMEs survey, which was carried out by the National Bureau of Statistics, was unveiled to the public.

Aganga said the new policy envisioned an MSME sub-sector that could deliver maximum benefits of employment generation, wealth creation, poverty reduction and growth to the Nigerian economy.

The minister added that everywhere in the world, MSMEs were the biggest employers of labour, noting that Nigeria, as a member of the global community, should not be an exception.

Aganga said, “The MSMEs are globally regarded as the backbone of any economy. The MSMEs contribute to improved living standards. They bring about substantial local capital formation and help in achieving high level of productivity and capability

“The MSMEs have a significant role to play in economic development; they make up over 90 per cent of enterprises in the world and account for 50 to 60 per cent of employment. They also play an important role in generating employment and poverty alleviation.”

The minister, however, regretted that many MSME operators were finding it very difficult to effectively play their role due to some challenges confronting them in the country.