Vice President Kashim Shettima has made a powerful call for the integration of Africa’s vast informal economy into the continent’s formal trade frameworks, emphasizing that the future of African prosperity lies not in towering skylines but in the strength of its micro, small and medium enterprises (MSMEs).
Speaking at the opening of the 4th African Union MSME Forum in Abuja, Shettima stressed that unlocking the continent’s full economic potential hinges on formalizing and empowering its informal sector—home to nearly 90% of Africa’s workforce.
“If we fail to bring our informal economy into the framework of formal intra-African trade, we will remain trapped in a cycle of underdevelopment,” the Vice President warned.
“There can be no African prosperity without a strong MSME ecosystem.”
The high-level forum, which brings together delegates from over 50 African nations, development partners, and business leaders, is seen as a key platform for advancing the goals of the African Continental Free Trade Area (AfCFTA)—the largest free trade zone in the world by participating countries.
Shettima reaffirmed Nigeria’s commitment under President Bola Tinubu to promoting small business growth through inclusive policies and strategic investments. Citing national data, he noted that Nigerian MSMEs contribute nearly 48% of GDP and employ over 84% of the workforce, underscoring their central role in driving economic resilience and social stability.
“Africa’s journey to prosperity must be powered by small businesses. From tech entrepreneurs to market vendors, these are the real engines of growth,” Shettima said.
He called on African governments to build enabling ecosystems for MSMEs, including improved access to finance, stronger digital infrastructure, and regulatory reforms that stimulate—not stifle—innovation. The Vice President also emphasized cross-border cooperation and digital trade adoption as critical levers for achieving AfCFTA’s transformative promise.
High-Profile Endorsements and Key Announcements
Earlier, Senator Ibrahim Hadejia, Deputy Chief of Staff to the President, described the forum as a catalyst for inclusive prosperity and “a necessary step toward achieving the Africa we want.”
Temitola Adekunle-Johnson, Presidential Adviser on Job Creation and MSMEs, along with SMEDAN Director-General Charles Odii, highlighted the government’s targeted support for local production and youth-driven entrepreneurship.
Managing Director of the Bank of Industry, Olasupo Olusi, shared insights on tailored financing models and digital upskilling initiatives that are already improving the productivity of Nigerian MSMEs.
International development partners also threw their weight behind the forum’s agenda. The European Union’s Head of Cooperation in Nigeria, Massimo De Luca, announced a landmark €1.1 billion package to support AfCFTA implementation across Africa, commending the continent’s accelerating efforts in trade harmonization and private sector development.
Elsie Attafuah, UNDP’s Resident Representative in Nigeria, echoed the need to transition MSMEs “from resilience to scale,” while AU6RG Ambassador Afolabi Oke announced the appointment of Temitola Adekunle-Johnson as Special Adviser on Job Creation and MSME Development.
NEXIM Bank MD, Abubakar Bello, concluded with a call for continent-wide industrial value chains, urging African economies to prioritize local manufacturing and export competitiveness.
