SMALL AND MEDIUM SCALE INDUSTRIES DEVELOPMENT AGENCY (AMENDMENT) ACT, 2016

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LAWS OF THE FEDERATION OF NIGERIA

SMALL AND MEDIUM SCALE INDUSTRIES DEVELOPMENT AGENCY (AMENDMENT) ACT, 2016

[EDITOR’S NOTE: This Act further amends the Small and Medium Scale Enterprises Development Agency (Amendment) Act, 2003 following its first amendment by the Small and Medium Scale Enterprises Development Agency (Amendment) Act, 2005

EXPLANATORY MEMORANDUM

This Act further amends the provisions of the Small and Medium Scale Industries Development Agency Act No. 16, 2003 to increase the prescribed penalties.

ARRANGEMENT OF SECTIONS

1. Amendment of Act no. 16, 2003.
2. Amendment of section 25.
3. Citation.

SMALL AND MEDIUM SCALE INDUSTRIES DEVELOPMENT AGENCY (AMENDMENT) ACT, 2016

An act to amend the provisions of the Small and Medium Scale Industries Development Agency Act No. 16, 2003 to increase the prescribed penalties; and for related matters

{20^TH DECEMBER, 2016}                                      commencement

ENACTED by the National Assembly of the Federal Republic of Nigeria-

Amendment of Act No. 16, 2003

1. The Small and Medium Scale industries Development Agency Act no. 16, 2003 (in this Act referred to as “the Principal Act”) is amended as set out in this Act.

Amendment of section 25

2. Section 25 (2) of the Principal Act is amended by substituting for –

(a)     the expression, “N50,000”, in line 3, the expression, “N500,000”; and

(b)     the words, not exceeding”, in line 3, the word, “of”.

Citation

3. This Act may be cited as the Small and Medium Scale Industries Development Agency (Amendment) Act 2016.

Heading

LAWS OF THE FEDERAL REPUBLIC OF NIGERIA

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