Vice President Kashim Shettima on Tuesday revealed that President Bola Tinubu has directed the nationwide cultivation of 100 million oil palm trees and the revival of Nigeria’s cocoa industry. These initiatives are part of the administration’s broader efforts to diversify the economy and drive agricultural transformation.
Shettima made the disclosure while speaking at the 7th edition of the Expanded National Micro, Small, and Medium Enterprises (MSME) Clinic, held in Akure and tagged Ondo 2025. He emphasized that Nigeria’s economic growth is inextricably linked to the development and support of MSMEs.
“MSMEs account for 90 percent of jobs in this country. They are key to poverty alleviation and national prosperity,” the Vice President stated. “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.”
He also noted that 65 MSMEs in Ondo State have already accessed funding from the Federal Government’s N75 billion intervention fund, describing the state as critical to Nigeria’s socio-economic advancement.
Ondo State Governor, Lucky Aiyedatiwa, hailed the MSME Clinic as a transformative platform for unleashing Nigeria’s economic potential. He highlighted the accomplishments of local MSMEs such as Denki Wire and Cables Ltd. and Kay Classic Fashion, both winners at the National MSME Awards for excellence in manufacturing and fashion, respectively.
Governor Aiyedatiwa further outlined Ondo State’s continued support for small businesses through initiatives like interest-free loans via the Ondo State Micro-Credit Agency (ODSMA), which disbursed over N220 million in 2024, and programs such as “One Youth One Skill” and the Odatiwa Skills Development Enterprise Centres (OSDEC). He appealed for federal backing to establish a Fashion Hub Shared Facility and an oil palm processing plant in the state.
Also speaking at the event, Ekiti State Governor Abiodun Oyebanji commended the clinic initiative as a strategic avenue for human capital development and small business growth.
The Ooni of Ife, His Imperial Majesty Oba Adeyeye Ogunwusi, Ojaja II, praised the empowerment of young entrepreneurs and advocated for greater patronage of Nigerian-made goods and stronger collaboration between public and private sectors.
Christian Ekwenna, State Manager of the Bank of Industry (BOI) in Ondo State, detailed BOI’s pivotal role in disbursing the N75 billion intervention fund. He noted that applicants can receive up to N5 million, with the option to reapply upon repayment, and encouraged those encountering difficulties to visit BOI offices directly.
“This FGN Fund is one of the fastest loans we’re processing,” Ekwenna said. “We’ve built the logistics and capacity to reach rural entrepreneurs and ensure timely disbursement.”
Special Adviser to the President on Job Creation and MSMEs, Mr. Temitola Adekunle-Johnson, also stressed the importance of the MSME Clinics, noting that direct access to regulatory agencies significantly improves operational efficiency for small businesses across the country.