MSMEs Critical to Nigeria’s Economic Growth – VP Shettima

Vice President Kashim Shettima has reaffirmed the Federal Government’s commitment to Micro, Small, and Medium Enterprises (MSMEs), declaring them as the backbone of Nigeria’s economy and vital to achieving inclusive growth.

Speaking on Tuesday at the 7th edition of the Expanded National MSME Clinics in Akure, Ondo State, Shettima emphasized that no meaningful economic progress could be made without investing in MSMEs.

“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 said.

Shettima disclosed that 65 MSMEs from Ondo State have already accessed funding from the Federal Government’s N75 billion intervention scheme, urging partner agencies to deepen collaboration with entrepreneurs to ensure long-term impact.

Highlighting agriculture as a key pillar of the Renewed Hope Agenda, Shettima announced a presidential directive to plant 100 million oil palm trees across Nigeria and revive the cocoa industry. He noted Nigeria once earned $25 million annually from oil palm exports and stressed the need to reclaim that potential.

“Nigerians have no business being poor. With strategic reforms and agricultural revival, we are on the path to success,” he stated.

The Vice President also commended Ondo State Governor, Dr. Lucky Aiyedatiwa, for his commitment to enterprise development and infrastructure expansion.

Governor Aiyedatiwa described the clinic as a transformational platform to unlock Nigeria’s economic potential. He cited initiatives such as interest-free loans, the “One Youth, One Skill” programme, and the Odatiwa Skills Development Centres as proof of Ondo’s dedication to MSME support. He also appealed for federal assistance in establishing a fashion hub and oil palm processing facility in the state.

Deputy Governor Dr. Olayide Adelami lauded MSMEs as a vital part of the state’s economy, describing Ondo as fertile ground for innovation and investment. He affirmed the government’s continued support to entrepreneurs and highlighted the peace and security that make Ondo a prime destination for business.

Ekiti State Governor, Abiodun Oyebanji, praised the MSME Clinic initiative as a landmark effort to align economic growth with human development. He emphasized support for locally made goods, stating, “Productivity is the only path to prosperity. Palliatives offer only short-term relief.”

The Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, also spoke in support of MSMEs, urging Nigerians to increase patronage of local products. “Everything I’m wearing is made in Nigeria. That’s the only way to grow our economy,” he said.

Special Adviser to the President on Job Creation and MSMEs, Mr. Temitola Adekunle-Johnson, highlighted the clinic’s growing national impact, especially by enabling direct access between entrepreneurs and regulators.

Earlier in the day, VP Shettima met with the Ondo State Council of Obas, seeking royal support for the Tinubu administration’s policies and long-term development agenda.