Vice President Shettima Emphasizes Critical Role of MSMEs in Nigeria's Economic Growth

Strategic Insights -

The Vice President of Nigeria, Kashim Shettima, has emphasized the importance of Micro, Small, and Medium Enterprises (MSMEs) in the country's economic growth, describing them as the backbone of job creation and essential to achieving national prosperity. Speaking during the 7th edition of the Expanded National MSME Clinic in Akure, Ondo State, Shettima reaffirmed the critical role of MSMEs in Nigeria's socio-economic development, citing their significant contribution to job creation, poverty alleviation, and national prosperity. The Vice President also highlighted the need for continued collaboration between government agencies and small businesses to ensure the growth of MSMEs and drive inclusive economic development.

Key Takeaways:

  • MSMEs account for 90 percent of jobs in Nigeria, and their growth is essential for reducing unemployment and driving inclusive economic development.
  • The Vice President disclosed that 65 MSMEs in Ondo State have benefited from the Federal Government's N75 billion intervention fund.
  • Ondo State Governor, Dr Lucky Aiyedatiwa, highlighted the state's achievements in MSME development, including national award-winning enterprises like Denki Wire and Cables Ltd.
  • Aiyedatiwa also disclosed that the Ondo State Micro-Credit Agency disbursed over N220 million in interest-free loans in 2024 alone.
  • The Ekiti State Governor, Abiodun Oyebanji, called for stronger patronage of locally made products as a catalyst for national productivity.
  • Mr Temitola Adekunle-Johnson, Special Adviser to the President on Job Creation and MSMEs, gave a review of the clinic's nationwide impact, noting the importance of direct engagement between regulators and entrepreneurs.

Statistics:

  • MSMEs account for 90 percent of jobs in Nigeria.
  • 65 MSMEs in Ondo State have benefited from the Federal Government's N75 billion intervention fund.
  • The Ondo State Micro-Credit Agency disbursed over N220 million in interest-free loans in 2024 alone.
  • Nigeria's economy cannot grow without the strengthening of MSMEs.

Sources:

  • Vice President Kashim Shettima's speech at the 7th edition of the Expanded National MSME Clinic in Akure, Ondo State.
  • Ondo State Governor, Dr Lucky Aiyedatiwa's address during the event.
  • Ekiti State Governor, Abiodun Oyebanji's goodwill message.
  • Mr Temitola Adekunle-Johnson, Special Adviser to the President on Job Creation and MSMEs' review of the clinic's nationwide impact.