SMALL AND MEDIUM SCALE INDUSTRIES DEVELOPMENT AGENCY (AMENDMENT) ACT

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[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

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

EXPLANATORY MEMORANDUM

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

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

ARRANGEMENT OF SECTIOND

1.       Amendment of Act No. 16, 2003

2.       Amendment of section 25.

3.       Citation.

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

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

1.       Amendment of Act No. 16, 2003

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.

2.       Amendment of section 25.

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

(a)     the expression, “50,000”, in line 3, the expression “N500,000”; and

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

3.       Citation.

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

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