Vice-President Kashim Shettima has reaffirmed the critical role of Micro, Small and Medium Enterprises (MSMEs) in driving Nigeria’s economic growth and sustainable development.
Shettima made this known on Tuesday in Akure during the Seventh Expanded National MSME Clinic, tagged “Ondo 2025”, where he served as the Special Guest of Honour.
Describing MSMEs as the backbone of the economy, Shettima said they accounted for over 90% of jobs across the country and play a vital role in poverty alleviation and grassroots empowerment.
“Small business enterprises are key to lifting people out of poverty, and our economic growth must go hand in hand with their development,” he stated.
He revealed that 65 MSMEs from Ondo State have already accessed part of the Federal Government’s ₦75 billion MSME intervention fund, which aims to provide affordable financial support for entrepreneurs.
Shettima encouraged small business owners to take full advantage of the programme and called on partner agencies to sustain their collaboration, stressing that support for MSMEs must be continuous and multi-dimensional.
Commending the Ondo State Government for its infrastructural development and economic policies, the vice president also revealed a new national initiative:
“The President has directed the planting of 100 million oil palm trees to revive the palm oil industry, which once earned Nigeria up to $25 billion annually at its peak. We’re also set to rejuvenate the cocoa sector.”
“Opportunities abound—we have no business being poor. President Tinubu is determined to reposition Nigeria’s economy, and we are on a path to succeed,” he added.
Ondo State Reaffirms Support for MSMEs
In his remarks, Governor Lucky Aiyedatiwa said the state had taken deliberate steps to support MSMEs through strategic partnerships with financial institutions.
“We have keyed into the Bank of Industry’s ₦75 billion MSME intervention programme, making affordable financing accessible to entrepreneurs despite current economic challenges,” Aiyedatiwa said.
He also cited the Entrepreneurial Training Programme by the Development Bank of Nigeria and the One Youth One Skill initiative, which birthed the O’datiwa Skills Development Enterprise Centres (OSDEC) as state efforts toward economic inclusion.
According to him, the Ondo State Micro-Credit Agency (ODSMA) has provided interest-free loans to small business owners, disbursing over ₦220 million in 2024 alone to artisans and traders across the state.
Leaders, Royalty Rally Behind MSME Development
Also speaking, Ekiti State Governor Abiodun Oyebanji commended the initiative and stressed the importance of developing local businesses through deliberate public-private engagement.
“The best way to develop a nation is through productivity. As they produce, we must all commit to patronising made-in-Nigeria goods,” Oyebanji said.
In his goodwill message, the Ooni of Ife, Oba Adeyeye Ogunwusi, who is the Co-patron of MSMEs in Nigeria, disclosed that over 90% of the work done in his Ojaja Parks across the country was executed by MSMEs.
“We must continue to empower our small businesses. They are the engine that will drive Nigeria’s industrial revolution,” the Ooni said.
