VICE President Kashim Shettima has called for the integration of Africa’s vast informal economy into the formal intra-African trade framework to unlock the continent’s full economic potential.
Speaking at the opening ceremony of the 4th African Union Micro, Small and Medium Enterprises (MSMEs) Forum in Abuja yesterday, Shettima emphasized that the future of Africa’s prosperity lies not in high-rise buildings or booming stock markets, but in the empowerment of small businesses and informal workers who represent nearly 90% of the continent’s workforce.
He highlighted the African Continental Free Trade Area (AfCFTA) as a critical platform for facilitating this transformation and warned that failing to leverage the informal sector could trap the continent in a cycle of stagnation.
“There can be no African prosperity without a strong MSME ecosystem,” Shettima said.
“This forum is a continental call to action. We owe it to ourselves and future generations to formalize and empower our informal economy.”
The Vice President noted that in Nigeria, MSMEs contribute 48% to the nation’s GDP and employ over 84% of the workforce.
He described them as engines of inclusive growth and essential tools for poverty reduction.
While urging African nations to boost local infrastructure for entrepreneurship, he also called for deeper cross-border collaboration, citing shared destinies and economic interdependence.
Shettima pointed to access to affordable finance as a persistent barrier for MSMEs across Africa, describing it as a “recurring nightmare.”
He, however expressed optimism in the promise of the AfCFTA and lauded the forum’s theme: “Building Resilient MSMEs through Digital Innovation, Market Access & Affordable Financing for Africa.”
The Vice President also acknowledged the rise in digital adoption across the continent, stating that technology is bridging gaps that politics has long failed to close.
To sustain this momentum, he urged policymakers to invest in digital infrastructure, close the digital literacy gap, and create innovation-friendly regulatory environments.
Addressing the limitations of traditional banking systems, Shettima welcomed the emergence of fintech solutions that use alternative data to assess creditworthiness, expanding access to microloans for previously excluded entrepreneurs.
He concluded by expressing confidence that collaborative efforts from stakeholders at the forum would lead to tangible outcomes that support MSMEs and foster sustainable growth across Africa.