Vice President Kashim Shettima has called on African entrepreneurs to embrace technology and cross-border trade as key drivers of business growth. He made this call during the Nigeria Digital Economy Summit 2024 in Abuja. According to him, FinTech and the African Continental Free Trade Area (AfCFTA) are powerful tools that can help Micro, Small, and Medium Enterprises (MSMEs) grow and compete globally.
FinTech Can Open Doors for MSMEs
Shettima explained that financial technology (FinTech) offers simple ways for businesses to access loans, make payments, and manage finances more efficiently. Many MSMEs often struggle with getting loans from traditional banks. However, FinTech platforms can provide quicker, easier, and safer funding options. This means small businesses can now access financial support without long waiting times or complicated processes.
In addition, FinTech supports fast and secure transactions, especially across borders. This is very important for MSMEs that want to sell to international customers. Shettima, therefore, urged entrepreneurs to adopt these digital tools to run their businesses more efficiently and to reach wider markets.
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AfCFTA Brings New Trade Opportunities
Furthermore, Shettima stressed that AfCFTA presents a huge chance for MSMEs to access bigger markets across Africa. The trade agreement is breaking down old trade barriers, making it easier to move goods and services between countries.
Through AfCFTA, MSMEs can now expand beyond their local communities and start exploring opportunities in other African nations. Shettima encouraged entrepreneurs to think bigger, build international partnerships, and position their businesses to serve the entire continent.
Government Support Remains Strong
Moreover, the Vice President assured that the Nigerian government is actively working to improve infrastructure and digital systems that support MSME growth. He revealed that new digital programs will soon be launched to help small businesses grow faster.
He emphasized that MSMEs must stay open to change. By adopting technology and embracing cross-border trade, entrepreneurs can overcome challenges and secure long-term success. Additionally, Shettima advised business owners to consistently update their skills and strategies to remain competitive.
In conclusion, the Vice President believes that MSMEs who embrace innovation will thrive in today’s fast-changing economy. With the right tools like FinTech and AfCFTA, small businesses in Africa can grow stronger and make a lasting impact.
