Vice-President Kashim Shettima has urged African leaders to urgently integrate the continent’s vast informal sector into formal trade frameworks under the African Continental Free Trade Area (AfCFTA) to unlock real economic growth and development.
Speaking in Abuja on Monday at the opening of the 4th African Union Micro, Small and Medium Enterprises (MSMEs) Forum, Shettima warned that failure to act would keep Africa trapped in a “cycle of despair.”
“Africa’s future does not depend on skyscrapers or stock exchange numbers. It lies in unlocking the potential of the informal sector, which accounts for nearly 90 per cent of Africa’s workforce,” Shettima declared.
The Vice-President described the forum as a continental call to action, stressing that small businesses are at the heart of Nigeria’s economic policy planning.
He noted that MSMEs currently contribute 48 per cent to Nigeria’s GDP and employ over 84 per cent of the nation’s workforce.
“They reflect our future. This is why we are scaling up investments in this critical sector,” Shettima said.
On financing, the Vice-President lamented that access to affordable funding remains a major challenge for MSMEs, calling it a “recurring nightmare.”
However, he expressed optimism that AfCFTA and African fintech innovations now offer renewed hope for financing and growth.
“Our continent is losing momentum—not just money. AfCFTA gives us the chance to recover both,” he stated.
Shettima also acknowledged the impact of digital innovation on trade and financial inclusion, asserting that technology is doing what politics has failed to do.
“We must invest in digital infrastructure, close literacy gaps, and avoid stifling regulations,” he charged.
Other officials at the forum echoed similar sentiments. Senator Ibrahim Hadejia, Deputy Chief of Staff to the President and Chair of the Host Country Committee, said:
“This is about ensuring MSMEs do more than survive, they must thrive in the Africa we envision.”
Presidential Adviser on Job Creation and MSMEs, Mr Temitola Adekunle-Johnson, emphasised the need to harness Africa’s youthful population and channel their energy into productive ventures through entrepreneurship.
Also speaking, SMEDAN Director-General, Mr Charles Odii, commended Shettima’s continued commitment to small business development, urging Nigerians to: “Buy locally-made goods and support home-grown businesses.”
The forum, themed “Building Resilient MSMEs through Digital Innovation, Market Access and Affordable Financing for Africa,” brings together policymakers, entrepreneurs, and stakeholders from across the continent to chart a practical roadmap for Africa’s MSME future.
