Vice President Kashim Shettima has announced that President Bola Ahmed Tinubu has issued a directive for the cultivation of 100 million oil palm trees nationwide, alongside plans to revive the cocoa industry.
The Vice President made the disclosure on Wednesday, August 6, during the 7th edition of the Expanded National Micro, Small and Medium Enterprises (MSME) Clinic held in Akure, Ondo State. The event, themed ‘Ondo 2025’, brought together key stakeholders, policymakers, and entrepreneurs to spotlight Nigeria’s MSME potential.
Speaking at the event, Shettima emphasized the centrality of MSMEs to Nigeria’s economic future, stating that:
“MSMEs account for 90% 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.”
He commended the progress made in Ondo State, revealing that 65 MSMEs in the state have already accessed funding from the Federal Government’s N75 billion MSME Intervention Fund.
Governor Lucky Aiyedatiwa described the MSME Clinic as a “revolutionary step” in unlocking the nation’s economic potential, stressing that MSMEs remain the backbone of Nigeria’s economy. He highlighted the state’s continued support, which includes:
Over N220 million disbursed in 2024 through interest-free loans by the Ondo State Micro-Credit Agency (ODSMA)
Access to the Bank of Industry’s N75 billion intervention programme
The “One Youth One Skill” initiative
Establishment of Odatiwa Skills Development Enterprise Centres (OSDEC)
Aiyedatiwa also appealed to the Federal Government to support the establishment of:
A Fashion Hub Shared Facility
An Oil Palm Processing Plant to drive productivity in the state’s thriving oil palm sector
Several MSMEs in the state have gained national acclaim, including:
Denki Wire and Cables Ltd – Winner, National MSME Award for Excellence in Manufacturing
Kay Classic Fashion – Winner, National MSME Award for Excellence in Fashion
Governor Abiodun Oyebanji of Ekiti State praised the MSME Clinic initiative, calling it a strategic step toward capacity development and business growth across the Southwest.
Also lending his voice, the Ooni of Ife, His Imperial Majesty Oba Adeyeye Enitan Ogunwusi, Ojaja II, emphasized the importance of empowering young entrepreneurs, urging stronger patronage of Made-in-Nigeria products and enhanced public-private collaboration.
The Ondo State Manager of BOI, Christian Ekwenna, reiterated the bank’s commitment to supporting entrepreneurs through the N75 billion intervention fund. He clarified that:
Entrepreneurs can access up to N5 million, with the opportunity to reapply after successful repayment
BOI maintains a presence in all state capitals and can cater to rural entrepreneurs
Those facing challenges with online applications are encouraged to visit BOI offices as walk-in applicants
