The Vice President, Senator Kashim Shettima, has said Africa’s future economic success depends on its ability to integrate the informal sector into the formal intra-African trade framework, particularly through the African Continental Free Trade Area (AfCFTA).
Senator Shettima, who stated this on Monday when he declared open the 4th African Union Micro, Small and Medium Enterprises (MSMEs) Forum in Abuja, stressed the need for the integration of the informal economy into the fabric of formal intra-African trade, warning that if Africa fails to harness the potential in the informal sector for small businesses to grow, the continent would suffer economically for it.
Welcoming the delegates and participants to the forum, the Vice President conveyed President Bola Ahmed Tinubu’s message of assurance, of Nigeria’s readiness to join other countries on the continent in learning from one another, as well as the determination to agree on the direction taken to effectively compete with the rest of the world.
He underscored the crucial role MSMEs play in the development and growth of Africa, noting that in Nigeria, the current administration is building local infrastructure for entrepreneurial expansion, also urging African countries to entrench cross-border trade cooperation.
Earlier speaking, the the Special Adviser to the President on Job Creation and MSME, Mr Temitola Adekunle-Johnson, highlighted the significance of the forum, particularly in addressing challenges faced by budding entrepreneurs across the continent.
He underscored the need for stakeholders across the continent to collaborate and capitalise on the potential of Africa’s youthful and energetic population to transform the region’s economic landscape.
In his remarks, Director General of the Small and Medium Enterprises Development Agency (SMEDAN), Mr Charles Odii, applauded the support and commitment of Vice President Shettima and Chairman of the National Council for MSME to the transformation and growth of the MSME sector in Nigeria, highlighting key initiatives supervised by his office since the inception of the current administration.
He emphasised the need for Nigerians to always patronise home-grown products as part of the concerted efforts to support local manufacturers and MSMEs.
On his part, the Managing Director of the Bank of Industry, Dr. Olasupo Olusi, said interventions and targeted engagements through the bank have, over the years, helped in knowledge growth and adoption of digital tools by MSMEs, noting that the initiatives have impacted growth in the sector.
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