Says Nigeria’s economic growth hinges on MSMEs

Vice President Kashim Shettima, yesterday, disclosed that President Bola Tinubu has given a 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 MSMEs.

The Vice President, who described MSMEs as the foundation of the nation’s economy, stated that MSMEs account for a majority of jobs and must be supported for Nigeria to achieve inclusive growth. He said: “MSMEs account for 90 per cent 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 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, which 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 per applicant, with the possibility of reapplication after repayment, the state Manager of the Bank of Industry (BOI) 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.