Photo file : A man checking cocoa beans at an exhibition stand in Abidjan

The Federal Government has pledged to revitalize the commercial production of oil palm and cocoa as part of its renewed economic diversification strategy.

Vice President Kashim Shettima disclosed this on Tuesday while declaring open the seventh edition of the expanded National Micro, Small and Medium Enterprises (MSMEs) Clinic in Ondo State.

“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 said.

Highlighting the crucial role MSMEs play in national development, the Vice President stated that small businesses account for 90 percent of jobs in Nigeria and are key to poverty reduction and economic prosperity.

He revealed that 65 MSMEs in Ondo State have already accessed funding from the Federal Government’s N75 billion intervention fund, describing the state as vital to Nigeria’s socio-economic progress.

The host Governor, Lucky Aiyedatiwa, noted that MSMEs are catalysts for growth, aligning with the state’s seven-point development agenda. Similarly, Ekiti State Governor, Abiodun Oyebanji, lauded the MSME Clinic initiative and urged Nigerians to embrace locally made goods to drive productivity.

The Ooni of Ife, Oba Adeyeye Ogunwusi, also stressed the need for greater collaboration between the government and private sector to boost economic competitiveness and national development.