Vice President Kashim Shettima has called for the urgent integration of Africa’s vast informal economy into the formal trade ecosystem, stressing that sustainable continental prosperity under the African Continental Free Trade Area (AfCFTA) hinges on the empowerment of Micro, Small, and Medium Enterprises (MSMEs).

Speaking at the opening of the 4th African Union MSMEs Forum in Abuja on Monday, the Vice President declared that Africa’s path to a prosperous future lies not in high-rise buildings or financial indices, but in unlocking the immense potential of the informal sector, which employs nearly 90 percent of the continent’s workforce.

According to a statement issued by the Senior Special Assistant to the President on Media and Communications Office of the Vice President, Stanley Nkwocha, Shettima told delegates, “There can be no African prosperity without a strong MSME ecosystem. We owe it to ourselves, to our children, and to generations unborn to integrate our informal economy into the framework of formal intra-African trade.”

The high-level forum, themed “Building Resilient MSMEs through Digital Innovation, Market Access & Affordable Financing for Africa”, brought together stakeholders from across the continent to chart a roadmap for inclusive economic growth anchored on MSME development.

Shettima warned that unless deliberate efforts are made to formalise the informal sector and support small businesses, Africa risks remaining trapped in cycles of poverty and underdevelopment.

“Our future does not depend on the transactions in stock exchanges. If we fail to harness the power of the informal sector, we will keep going round the same cycle of despair”, the Vice President said.

He noted that Nigeria is taking deliberate steps to strengthen its MSME ecosystem, citing that small businesses contribute 48 percent to Nigeria’s GDP and employ over 84 percent of the national workforce.

“They are a mirror to our future,” Shettima declared, “and they explain why we are deepening our investments to expand the capacity of this sector.”

Welcoming participants to the Nigerian capital, the Vice President conveyed President Bola Ahmed Tinubu’s message of goodwill and assurance of Nigeria’s commitment to regional cooperation, peer learning, and shared prosperity across the African continent.

Shettima emphasised the need for cross-border collaboration among African nations, noting that shared challenges require united solutions. “Our destinies are bound together,” he said.

Among the obstacles facing MSMEs, he identified limited access to affordable finance as a recurring impediment and a “recurring nightmare” for business owners.

However, he expressed optimism that with platforms like AfCFTA, a new era of opportunity is emerging for African entrepreneurs.

“We must find hope in the promise of the AfCFTA. The timing of this forum is perfect. The vision is clear,” he said, praising the theme as a rallying call for immediate and practical solutions.

The Vice President also hailed the rise of digital innovation across the continent, noting that technology is achieving the integration that politics has long failed to deliver.

However, he warned that for this momentum to be sustained, governments must invest in digital infrastructure, bridge literacy gaps, and create innovation-friendly regulatory frameworks.

He lamented that MSMEs still rely heavily on traditional banks, which often exclude them from credit, but expressed hope in the emergence of fintech firms using alternative data models to assess creditworthiness and expand financial inclusion.

In his welcome address, Senator Ibrahim Hassan Hadejia, Deputy Chief of Staff to the President and Chairman of the Host Country Committee, reaffirmed Nigeria’s dedication to building a future where MSMEs thrive.

“This forum signifies our shared commitment to a prosperous and inclusive Africa. An investment in our MSMEs is a direct investment in a self-reliant continent”, he said.

Mr. Temitola Adekunle-Johnson, Special Adviser to the President on Job Creation and MSMEs, noted that the forum was a timely intervention in tackling the practical challenges faced by African entrepreneurs.

He urged collective efforts to harness the potential of Africa’s youthful population for economic transformation.

Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Charles Odii, praised the Tinubu administration’s support for MSMEs and called on Nigerians to patronise local products to sustain the sector’s growth.

Also speaking, Managing Director of the Bank of Industry, Dr. Olasupo Olusi, highlighted the bank’s sustained efforts in empowering MSMEs through knowledge transfer and digital tool adoption, which he said have improved efficiency and productivity across the sector.

The European Union, represented by Mr. Massimo De Luca, Head of Cooperation at the EU Delegation to Nigeria and ECOWAS, reiterated its support for Africa’s economic integration.

He revealed that the EU has committed €1.1 billion to support the AU’s implementation of AfCFTA.

“The AfCFTA represents an unprecedented achievement. The EU remains firmly committed to our partnership with Africa for sustainable development,” De Luca said.

UNDP Resident Representative in Nigeria, Ms. Elsie Attafuah, echoed the need for ecosystems that support MSMEs beyond survival.

“They cannot thrive on resilience alone. They need capital, market access, and platforms for commercialisation”, she said.

In a symbolic gesture, the Permanent Representative of the African Union Sixth Region Global (AU6RG), Ambassador Afolabi Oke, announced the appointment of Mr. Temitola Adekunle-Johnson as Special Adviser to the AU 6th Region on Job Creation and MSME Development.

“We unite people of African descent worldwide,” Ambassador Oke said, explaining the AU Sixth Region’s role as a bridge between the African continent and its diaspora.

On the importance of regional industrialisation and export readiness, NEXIM Bank Managing Director Mr. Abubakar Abba Bello stressed the necessity of building internal value chains to ensure the success of AfCFTA.

“There’s a need for Africa to look inward to develop its value chain. Boosting production is central to this,” he said.