Nigeria’s Vice President, Senator Kashim Shettima, has said that Nigeria’s economy cannot grow significantly without the development of Micro, Small, and Medium Enterprises (MSMEs).
He made this statement on Tuesday, August 5, 2025, in Akure while addressing participants at the 7th edition of the Expanded National Micro,Small and Medium Enterprises (MSME) Clinic, tagged Ondo 2025, held at the International Culture and Event Centre, The Dome.
Shettima, who was the Special Guest of Honour at the event, described MSMEs as the foundation of the nation’s economy, stating that they account for a majority of jobs and must be supported for Nigeria to achieve inclusive growth.
He said “MSMEs account for 90 percent 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.”
The Vice President disclosed that 65 MSMEs from Ondo State have already accessed funding from the Federal Government’s N75 billion intervention fund, stressing that the Sunshine State is critical to the socio-economic development of the country.
“This fund is designed to provide affordable financing for entrepreneurs. We must ensure that this support is not a one-way gesture. I call on all partner agencies to continue working hand-in-hand with MSMEs to deliver lasting impact.”
Highlighting key sectors targeted for revival under the Renewed Hope Agenda, the Vice President announced a major national initiative in agriculture.
“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”.
Shettima also took a moment to appreciate the Ondo State Governor, Dr. Lucky Orimisan Aiyedatiwa, for his government’s infrastructure drive and support for small and medium scale enterprises.
“Let me commend the Governor of Ondo State for his visible commitment to development. What I’ve seen here today is very impressive,” the VP said.
In his address, Governor Aiyedatiwa, described the clinic as a revolutionary step towards unlocking the full potential of Nigeria’s economy through MSME development.
He noted that MSMEs remain the backbone of Nigeria’s economy and highlighted his administration’s commitment through the state’s OUR EASE agenda, which aligns with the Federal Government’s Renewed Hope Agenda.
Governor Aiyedatiwa also celebrated the achievements of several Ondo-based MSMEs who 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 via the Ondo State Micro-Credit Agency (ODSMA), which 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), which has the first mini shared facility in Ondo’s history.
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.
Oyebanji emphasized the importance of patronizing locally made goods, stating that national development is best driven by productivity.
The Ooni of Ife, His Imperial Majesty Oba Adeyeye Ogunwusi, Ojaja II, in his goodwill message, praised the empowerment of young entrepreneurs and called for stronger patronage of Nigerian made products and public-private collaboration.
Also speaking at the event, Mr. Temitola Adekunle-Johnson, Special Adviser to the President on Job Creation and MSMEs, gave a recap of the clinic’s impacts across the country, emphasizing the role of direct access to regulators in improving MSME efficiency and performance.
In his welcome address, the Deputy Governor, Dr Olayide Adelami, thanked Vice President Shettima for gracing the occasion, stressing that the Aiyedatiwa administration has implemented various policies aimed at empowering businesses and boosting the economy of the State.
The Senior Special Assistant to the Governor on Youth Empowerment and Job Creation, Orioye Gbayisemore, said the state government is offering support to small business owners whose efforts contribute meaningfully to our national development.
Gbayisemore added that the Government of Ondo State has successfully empowered over ten thousand youths through various innovative programs and initiatives, describing Ondo State youth as exceptionally hardworking, creative, and entrepreneurial.
