- Tinubu Orders Cultivation of 100 Million Oil Palm Trees, Revives Cocoa Sector
- Shettima emphasized that economic growth in Nigeria is closely tied to the development of MSMEs
- Oyebanji laud the MSME Clinic as a strategic step towards building human capital
President Bola Ahmed Tinubu has directed the nationwide cultivation of 100 million oil palm trees and initiated the revival of Nigeria’s cocoa industry as part of his administration’s efforts to diversify the economy and strengthen agricultural productivity.
Eko Hot Blog reports that Vice President Kashim Shettima made the announcement on Tuesday at the seventh edition of the Expanded National Micro, Small and Medium Enterprises Clinic, held in Akure, Ondo State and themed Ondo 2025.
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Shettima emphasized that economic growth in Nigeria is closely tied to the development of Micro, Small and Medium Enterprises, which he described as the backbone of the nation’s economy.
“MSMEs account for 90 percent of the jobs in this country,” the Vice President said. “They are essential to ending poverty and achieving national prosperity. President Tinubu has given a clear directive for the planting of 100 million oil palm trees across the country and the revival of the cocoa industry.”
He further noted that no fewer than 65 businesses from Ondo State have already benefited from the Federal Government’s 75 billion naira intervention fund, underscoring the state’s importance in Nigeria’s socio economic development.
Ondo State Governor Lucky Aiyedatiwa praised the clinic as a transformative initiative that is unlocking the full potential of Nigeria’s economy through MSME support.
He reaffirmed that MSMEs remain central to national progress and commended several Ondo-based businesses including Denki Wire and Cables Limited and Kay Classic Fashion, winners of the National MSME Awards for Excellence in Manufacturing and Fashion respectively.
The governor highlighted various initiatives in place to support entrepreneurs, including interest free loans disbursed by the Ondo State Micro Credit Agency, which issued over 220 million naira in 2024.
He also mentioned the state’s participation in the Bank of Industry’s intervention programme, the One Youth One Skill initiative, and the creation of the Odatiwa Skills Development Enterprise Centres.
Aiyedatiwa appealed to the Federal Government for assistance in establishing a Fashion Hub Shared Facility and an oil palm processing plant to support the state’s expansive oil palm farming operations.
Governor Abiodun Oyebanji of Ekiti State also addressed the gathering, praising the MSME Clinic as a strategic step towards building human capital and supporting small business development.
The Ooni of Ife, His Imperial Majesty Oba Adeyeye Ogunwusi Ojaja II, commended the clinic’s focus on youth empowerment. He urged greater support for Nigerian-made goods and encouraged stronger collaboration between public and private sectors.
On the sidelines of the event, Christian Ekwenna, State Manager of the Bank of Industry in Ondo, explained that the intervention fund provides up to 5 million naira per applicant, with the opportunity to reapply after repayment.
He said BOI, a development finance institution, is equipped to reach entrepreneurs in rural areas and urged applicants facing challenges with online registration to visit BOI offices directly.
“BOI has operated for over 60 years. The foundation has been built, and this Federal Government Fund is one of the fastest loans we have processed in terms of approval and disbursement. Our logistics and network allow us to serve rural dwellers and micro businesses efficiently,” Ekwenna said.
Also speaking, the Special Adviser to the President on Job Creation and MSMEs, Mr. Temitola Adekunle Johnson, highlighted the nationwide impact of the MSME Clinics.
He stressed that direct access to regulators has significantly improved the performance and efficiency of small businesses across the country.
