Vice President Kashim Shettima on Tuesday disclosed that President Bola Tinubu has given the directive for the cultivation of 100 million oil palm trees in the country, alongside plans to revive the cocoa industry as part of efforts to diversify the economy and boost agricultural productivity.
Shettima, who disclosed this while addressing participants at the 7th edition of the Expanded National Micro, Small and Medium Enterprises (MSME) Clinic, tagged Ondo 2025, in Akure, stated that Nigeria’s economy cannot grow exponentially without the development of Micro, Small, and Medium Enterprises (MSMEs).
According to the Vice President, Shettima, who described MSMEs as the foundation of the nation’s economy, stated that they account for a majority of jobs and must be supported for Nigeria to achieve inclusive growth.
He said, “MSMEs account for 90 percent of jobs in this country. They are key to poverty alleviation and national prosperity. The growth of our economy must go hand in hand with the growth of small businesses.
“President Bola Ahmed Tinubu has given a clear directive that we should plant 100 million oil palm trees across the country. We’re also going to revive the cocoa industry.”
While stating that no fewer than 65 MSMEs from Ondo State have already accessed funding from the Federal Government’s N75 billion intervention fund, Shettima stressed that the Sunshine State is critical to the socio-economic development of the country.
Governor Lucky Aiyedatiwa, who described the clinic as a revolutionary step towards unlocking the full potential of Nigeria’s economy through MSME development, noted that MSMEs remain the backbone of Nigeria’s economy.
Aiyedatiwa also celebrated the achievements of several Ondo-based MSMEs who have won national recognition, including Denki Wire and Cables Ltd. and Kay Classic Fashion, winners of the National MSME Awards for Excellence in Manufacturing and Fashion, respectively.
The governor further outlined the state’s ongoing support for MSMEs, including the interest-free loans through the Ondo State Micro-Credit Agency (ODSMA), which he said disbursed over N220 million in 2024 alone; access to the Bank of Industry’s N75 billion intervention programme; the “One Youth One Skill” initiative; and the establishment of the Odatiwa Skills Development Enterprise Centres (OSDEC).
He appealed to the Vice President for federal support in establishing a Fashion Hub Shared Facility in Ondo State and an oil palm processing plant to boost productivity for the state’s vast oil palm farms.
Also speaking at the event, Governor Abiodun Oyebanji of Ekiti State commended the initiative behind the MSME Clinic, describing it as a strategic effort to develop human capacity and support the growth of small businesses.
On his part, the Ooni of Ife, His Imperial Majesty Oba Adeyeye Ogunwusi, Ojaja II, praised the empowerment of young entrepreneurs and called for stronger patronage of Nigerian-made products and public-private collaboration.
While disclosing that the fund allows for a maximum of N5 million naira per applicant, with the possibility of reapplication after repayment, the State Manager of the Bank of Industry in Ondo State, Christian Ekwenna, highlighted the role of BOI as a development finance institution in facilitating the distribution of the N75 billion intervention fund to MSMEs.
Ekwenna, who stated this at the sidelines of the event, stressed the extensive presence of BOI in state capitals and its capacity to reach rural entrepreneurs and encouraged applicants facing online application issues to visit BOI offices as walk-in customers.
“BOI has been in existence for over 60 years. So, the groundwork has already been laid. In fact, this FGN Fund is one of the fastest loans that we are processing in terms of receiving a quick response and approval and disbursement. We have already created the logistics and the capacity to reach out to all these rural dwellers, micro-entrepreneurs, and a whole lot of them.”
Also, the Special Adviser to the President on Job Creation and MSMEs, Mr. Temitola Adekunle-Johnson, harped on the clinic’s impacts across the country, emphasising the role of direct access to regulators in improving MSME efficiency and performance.
