Vice President Kashim Shettima says Africa’s economic future lies in formalising its vast informal sector particularly through the African Continental Free Trade Area (AfCFTA) warning that continued neglect will only perpetuate economic stagnation.
Speaking at the opening of the 4th African Union Micro, Small and Medium Enterprises (MSMEs) Forum in Abuja on Monday, Shettima stressed that nearly 90% of Africa’s workforce operates informally, and harnessing this sector is key to unlocking prosperity.
“There can be no African prosperity without a strong MSME ecosystem,” Shettima told delegates. “This forum is a continental call to action. We must integrate our informal economy into intra-African trade or remain trapped in a cycle of despair.”
He praised MSMEs as engines of inclusive growth, noting they contribute 48% to Nigeria’s GDP and employ over 84% of the workforce. But challenges persist especially limited access to finance described by Shettima as a “recurring nightmare.”
Highlighting digital innovation and fintech as emerging solutions, he urged investment in infrastructure and supportive regulation to close Africa’s digital and financial gaps.
The VP also conveyed President Bola Tinubu’s goodwill, reaffirming Nigeria’s commitment to intra-African collaboration and competitiveness.
Other key speakers echoed the urgency of empowering MSMEs:
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Senator Ibrahim Hadejia, Deputy Chief of Staff, reaffirmed Nigeria’s dedication to inclusive growth through thriving small businesses.
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Temitola Adekunle-Johnson, Presidential Adviser on Job Creation and MSMEs, urged collaboration to unlock Africa’s youthful potential.
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SMEDAN DG Charles Odii called for greater support of local products and entrepreneurs.
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Bank of Industry MD Dr. Olasupo Olusi emphasized the impact of digital adoption initiatives.
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EU’s Massimo De Luca revealed a €1.1 billion commitment toward AfCFTA implementation.
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UNDP’s Elsie Attafuah said MSMEs need enabling ecosystems—not just resilience—to scale.
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AU Sixth Region’s Amb. Afolabi Oke appointed Adekunle-Johnson as Special Adviser on MSMEs.
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NEXIM MD Abubakar Bello stressed MSME financing as key to boosting industrialisation and value chain development under AfCFTA.
The forum, themed “Building Resilient MSMEs through Digital Innovation, Market Access & Affordable Financing,” aims to position Africa’s MSMEs as drivers of sustainable economic transformation.
