Vice-President Kashim Shettima says Africa’s future economic success depends on integrating the informal sector into formal intra-African trade through the African Continental Free Trade Area (AfCFTA).
Shettima stated this yesterday while declaring open the 4th African Union Micro, Small and Medium Enterprises (MSMEs) Forum in Abuja.
He warned that Africa would remain trapped in a cycle of despair if it fails to harness the informal sector’s potential for business growth.
He said the continent’s future does not depend on skyscrapers or stock exchange figures in capital cities.
Instead, it lies in unlocking the potential of the informal sector, which makes up nearly 90 per cent of Africa’s workforce.
He called for the informal economy to be integrated into formal intra-African trade to ensure meaningful economic progress.
The Vice-President explained that this is why small businesses are central to Nigeria’s economic policy planning.
“Your Excellencies, distinguished delegates, African prosperity requires a strong MSME ecosystem as a foundation,” Shettima declared.
He described the forum as a continental call to action, urging all to commit to integrating informal economies into structured trade systems.
He expressed hope that collective efforts from the forum would lead to meaningful change and empowerment of MSMEs across Africa.
“We aim to turn our shared aspirations into actions that empower MSMEs and drive Africa toward a sustainable future,” he added.
Shettima assured participants of President Bola Tinubu’s commitment to learning and collaborating with other African nations.
He emphasised the central role MSMEs play in Africa’s development and in lifting millions out of poverty.
He stated that MSMEs contribute 48 per cent to Nigeria’s GDP and employ over 84 per cent of its workforce.
“They reflect our future. This is why we are scaling up investments in this critical sector,” he said.
The Vice-President urged African nations to strengthen cross-border cooperation, noting that their destinies are interconnected.
He identified major challenges facing MSMEs, including limited access to affordable finance, which he described as a recurring nightmare.
However, he expressed optimism, saying AfCFTA offers renewed hope for the continent’s small business landscape.