Nigeria’s Vice President Kashim Shettima has called for a fast integration of Africa’s vast informal economy into the formal intra-African trade framework.
He recently described it as vital to exploiting the continent’s full economic potential.
Speaking at the opening of the 4th African Union Micro, Small and Medium Enterprises (MSME) Forum in Abuja, Shettima revealed that Africa’s development does not rely on its assets or stock markets, but on unlocking the power of the informal sector which accounts for nearly 90 per cent of the continent’s workforce.
According to him, Nigeria, under President Bola Tinubu’s government, is focusing on the growth of small businesses via expanded investments and inclusive economic policies because MSMEs across the country contribute 48% to the GDP while employing more than 84% of the 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. There can be no African prosperity without a strong MSME ecosystem.
This forum is a continental call to action. It must mark a turning point where our shared aspirations are translated into concrete actions that empower MSMEs and lead Africa to a sustainable future,” he said.
Welcoming delegates from more than 50 nations, Shettima reiterated President Tinubu’s message of support and commitment to intra-African collaboration, insisting that Nigeria is prepared to spearhead, learn and share in efforts to guarantee a sustainable continental economy.
Beyond investments in infrastructure and digital tools for business owners, Kashim appealed to African leaders to embrace cross-border collaborations, citing AfCFTA as a powerful tool for continental transformation.
He also advocated for enhanced access to finance, digital literacy, and regulatory reforms that promote, instead of obstruct, innovation.
Folami David is a dynamic journalist who views the world through an analytical lens, translating complex narratives across multiple industries into compelling stories. With an insatiable appetite for information and a keen eye for emerging trends, Folami specializes in uncovering the interconnections between technology, business, culture, and society.
