FG Pledges to Revitalize Oil Palm, Cocoa Sectors, Backs MSME Growth — Shettima

The Federal Government has reaffirmed its commitment to revitalizing commercial oil palm and cocoa production in Nigeria, as part of efforts to boost agricultural productivity and economic growth.

Vice President Kashim Shettima made the announcement while inaugurating the seventh edition of the expanded National Micro, Small, and Medium Enterprises (MSMEs) Clinic in Ondo State on Tuesday.

“President Bola Ahmed Tinubu has issued a clear directive for the planting of 100 million oil palm trees nationwide. Additionally, we are set to revive the cocoa industry to enhance its global competitiveness,” Shettima stated.

Highlighting the critical role of MSMEs in economic development, the Vice President emphasized that small businesses remain the backbone of Nigeria’s economy.

“MSMEs account for 90% of jobs in this country and are vital to poverty reduction and national prosperity. The growth of our economy is intrinsically linked to the success of small businesses,” he said.

Shettima also disclosed that 65 MSMEs in Ondo State have benefited from the Federal Government’s N75 billion intervention fund, underscoring the state’s importance in Nigeria’s socio-economic progress. He urged entrepreneurs to leverage the opportunities provided by the MSME clinics to expand their businesses.

Ondo State Governor Lucky Aiyedatiwa described MSMEs as catalysts for economic growth, outlining his administration’s seven-point development agenda to support small businesses.

Similarly, Ekiti State Governor Abiodun Oyebanji praised the initiative, stressing that no nation can thrive without a strong MSME sector. He called on Nigerians to prioritize locally made goods to drive sustainable development.

In his remarks, the Ooni of Ife, Oba Adeyeye Ogunwusi, urged stronger collaboration between the government and private sector to enhance productivity and economic competitiveness.

The event reinforced the Federal Government’s dedication to agricultural revitalization and MSME empowerment as key drivers of Nigeria’s economic transformation.