By Modupe Oluremi
The Raw Materials Research and Development Council (RMRDC), Ondo State Coordinating Office, has joined other key stakeholders in a major policy review initiative aimed at strengthening Nigeria’s Micro, Small and Medium Enterprises (MSME) sector.
The consultation, organized by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), brought together representatives from government agencies, financial institutions, and industry associations to assess and provide input for the revision of the National MSME Policy.
Leading the RMRDC delegation, State Coordinator Mrs. Tejumola F.A., along with Scientific Officer II, Mrs. Oluremi Modupe Rebecca, reiterated the Council’s commitment to supporting MSME development through research and innovation. In her presentation, Mrs. Tejumola emphasized the importance of value addition in improving product quality and boosting profitability for small businesses.
Other notable participants included the Federal Institute of Industrial Research Oshodi (FIIRO), represented by Mr. Deji Oyeniran, who highlighted the institute’s capabilities in machine fabrication; the Bank of Industry (BOI); the National Agency for Food and Drug Administration and Control (NAFDAC); and the National Association of Small-Scale Industrialists (NASSI).
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BOI’s representative, Mr. Christian Ekewenna, explained the bank’s supplier-focused financing model, designed to mitigate risk and improve loan disbursement efficiency. However, concerns were raised by artisan groups about the bank’s complex loan requirements, which many described as burdensome for small operators. Ekewenna noted the policies are guided by Central Bank of Nigeria (CBN) directives and urged collaboration with SMEDAN to improve access and understanding.
Discussions also touched on the potential of Ondo State as a hub for entrepreneurial growth. Mr. Temitope Adeyemi, Chairman of the Nigeria Association of Small and Medium Scale Enterprises (NASMSE), pointed to the state’s abundant untapped natural resources as a key opportunity for economic expansion.
Conversely, the NASSI representative criticized gaps in coordination and support, citing data that show about half of new SMEs fail within three years due to poor operating environments. He called for more targeted involvement of relevant agencies in state-led business initiatives.
Offering a private-sector perspective, Mrs. Adeojo from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), encouraged entrepreneurs to take initiative and reduce dependence on government support. She argued that visible private-sector success would naturally attract public-sector backing.
The meeting established a foundation for continued dialogue and cooperation among stakeholders, with SMEDAN positioned to coordinate ongoing efforts to improve the MSME operating environment in Ondo State and Nigeria more broadly. This stakeholder engagement represents a significant step toward developing a more responsive and effective national policy framework that addresses the real challenges facing Nigeria’s vital MSME sector while leveraging the unique resources and potential of states like Ondo.
The session concluded with SMEDAN’s Ondo State Manager, Prince Tomi Ikuomola, pledging to integrate stakeholder feedback into the ongoing national policy review process. He praised the collaborative spirit of the meeting and emphasized the importance of sustained dialogue among stakeholders.
The event underscored the need for clearer institutional mandates, stronger coordination, and improved capacity-building efforts to enhance the MSME sector. As Nigeria works to revise its national MSME policy, Ondo State’s example of inclusive engagement sets a promising foundation for reforms that could drive broad-based economic growth.
