(3 Minutes Read)
At the opening ceremony of the 4th African Union Micro, Small, and Medium Enterprises (MSMEs) Forum in Abuja, Nigeria’s Vice President Kashim Shettima emphasized that Africa’s future prosperity is inextricably linked to the integration of the continent’s vast informal sector into formal intra-African trade structures—particularly through the African Continental Free Trade Area (AfCFTA).
Speaking on behalf of President Bola Ahmed Tinubu, Shettima declared that Africa’s economic destiny will not be shaped by high-rise buildings or bustling stock markets alone, but by tapping into the immense potential of the informal economy, which employs nearly 90% of the continent’s workforce. He warned that unless small businesses operating in the informal sector are absorbed into formal trade mechanisms, Africa risks repeating a cycle of economic stagnation and hopelessness.
Calling the forum a “continental call to action,” Shettima advocated for concrete steps to uplift MSMEs, stating, “There can be no African prosperity without a strong MSME ecosystem.” He noted that Nigeria, in recognition of this reality, has placed small businesses at the center of its economic policies. He urged other African nations to do the same, stressing that the transformation of MSMEs into vibrant contributors to formal trade is key to achieving inclusive economic growth and long-term development.
The Vice President also conveyed a message of solidarity and openness from President Tinubu, reaffirming Nigeria’s hospitality and willingness to collaborate with fellow African countries in shaping a unified economic future that can compete globally.
Highlighting the critical importance of MSMEs, Shettima said they serve not only as major employment providers but also as engines of equitable growth and tools for poverty reduction. In Nigeria, for example, MSMEs account for approximately 48% of the national GDP and employ more than 84% of the workforce—a testament to their centrality in driving economic inclusion and stability.
Beyond domestic efforts, Shettima called for stronger regional cooperation among African nations, arguing that their collective fate is interlinked. He pointed to persistent challenges facing MSMEs, notably limited access to affordable financing, which he described as a recurring nightmare that hinders progress. However, he expressed optimism that the AfCFTA framework offers a viable pathway to overcome such barriers and unlock continent-wide economic potential.
Addressing the theme of the forum—“Building Resilient MSMEs through Digital Innovation, Market Access & Affordable Financing for Africa”—Shettima commended the choice of focus, stating it was both timely and visionary. He underscored the transformative role of technology in Africa, noting that digital innovation is achieving the kind of unification and progress that political efforts have struggled to deliver for decades.
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However, he cautioned that to sustain this digital momentum, policymakers must step up. “We must invest in strong digital infrastructure, close the digital literacy gap, and enact smart regulatory frameworks that promote, rather than hinder, innovation,” Shettima advised. In conclusion, Shettima urged participants to turn their shared aspirations into action by developing policies and strategies that truly empower MSMEs and integrate them into formal trade systems, thereby setting Africa on a course toward a sustainable and inclusive economic future.
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