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Abuja — The African Union’s Global Trade initiative targets increasing Africa’s share of global commerce to 20% from its current 2%. This ambitious goal aims to foster prosperity across the continent.
Supporting MSMEs is Key to Growth
Mrs. Ron Osman, Director of Industry, Minerals, Entrepreneurship, and Tourism at the AU, emphasised the significant role Nigeria plays in this objective. She highlighted the importance of supporting MSMEs, which form the backbone of African economies, accounting for 90-95% of businesses.
Empowering MSMEs for African Free Continental Trade
The Africa Continental Free Trade Area (AfCFTA) facilitates the free movement of goods within the continent. However, a major challenge remains the production capacity for intra-African trade. The AU is actively working to enhance the ability of African businesses to produce and trade more goods among themselves.
Achieving this target for Global Trade requires addressing these production capacity gaps. The continent must build its manufacturing and value-addition capabilities to meet demand.
The Executive Secretary of the Nigerian Export Promotion Council (NEPC), Mrs. Nonye Ayeni, commended the Lelook Bags Academy. The academy empowers MSMEs with essential tools, training, and platforms for global market access.
Chinwe Ezenwa, CEO of the Lelook Bags Academy, stated that the academy has trained over 1,000 people free of charge in bag and shoe production. This initiative aims at empowerment and job creation. She stressed the need to build a skilled workforce for the African Free Continental Trade, noting, “If you don’t produce, you cannot sell.”
The AU’s overarching vision for Global Trade is to create a prosperous Africa by 2063. Supporting MSMEs is central to achieving this objective. Mrs. Osman reaffirmed, “So, supporting MSMEs is supporting businesses on the continent. It is creating jobs; it is creating wealth, and it is taking us towards the Africa we want.”
By Kayode Ojo
