There are many sides to it (7)

I believe the answer is:

polygon

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'it' is the definition.
The definition suggests a singular noun which matches the answer.

I don't understand how the rest of the clue works.

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(Other definitions for polygon that I've seen before include "Straight-sided figure" , "Many-sided plane figure" , "Geometric figure with five or more sides" , "Figure with many sides" , "Closed plane figure with three or more straight sides" .)

I've seen this clue in The Irish News and The Globe and Mail.

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