The government is working to address various challenges facing the Micro, Small, and Medium Enterprises (MSMEs) sector in the country and provide a conducive environment for growth and sustainability.
The MSME draft policy 2025, which is currently at a public participation stage, aims to create an integrated enabling business environment for a productive, competitive and sustainable MSME sector for wealth and employment creation.
Some of the key challenges facing the sector include limited access to finance, inadequate infrastructure, lack of skilled labour, limited market access, lack of technology adoption, regulatory and compliance issues, Other challenges include lack business skills and training, lack of coordination between development partners and stakeholders, lack of coordination and vulnerability to covariate shocks such as flooding and pandemics.
To address these challenges, the policy, once implemented, will seek to support the formalization of MSMEs especially those who have not been registered, foster entrepreneurial culture, enhance skills development for MSMEs, and encourage innovation, research and development for the sector.
