The inaugural ECOWAS SME Partnership Conference and Exhibition, held in Abuja, Nigeria from October 27 to 28, 2023 was a significant event not only showcased the entrepreneurial prowess of the West African region but also underscored the critical role of the AfCFTA.
In a strategic move to bolster the growth and development of Small and Medium-sized Enterprises (SMEs) in the West African region, the ECOWAS Commission, in collaboration with the Nigeria Association of Small and Medium Enterprises (NASME), organised the event against the backdrop of the ECOWAS MSME Charter 2021-2030 and the Private Sector Development Strategy, aiming to create a collaborative and innovative environment for stakeholders involved in SME and Small and Medium Industries (SMI) development and promotion. The conference served as a critical juncture, bringing together a diverse array of participants to deliberate, strategize, and set in motion practical modalities to uplift and support the burgeoning MSME sector in the West African region.
The establishment of the Regional Small Business Coalition (RSBC) and the Regional Small Business Development Partnership Platform (RSBD-PP) marked a significant milestone in the conference, with Technical Working Groups being formed to spearhead the development of these pivotal platforms. These initiatives are expected to play a central role in coordinating efforts and channeling partner support towards the MSME sector, ensuring that businesses in the region are well-equipped to thrive and expand.
The inaugural ceremony of the conference was graced by a host of dignitaries and notable figures, attesting to the event’s importance and the high level of commitment from various sectors to the cause of SME development. Rt. Hon. James Shaibu Barka, representing Hon. Benjamin Kalu, Deputy Speaker of the Nigerian House of Representatives, highlighted the critical role of SMEs in both the global and local economic landscapes, pledging the National Assembly’s commitment to creating a supportive environment for SMEs in Nigeria.
The Honourable Minister of Industry, Trade and Investment of the Federal Republic of Nigeria, Mrs Doris Nkiruka Uzoka-Anite, represented by the DG of SMEDAN, delivered a resonant address emphasizing the Ministry’s dedication to SME 4.0, a theme that aligns SME development with the digital transformation era. The launch of dedicated funds for youth and women enterprises nationwide was also announced, showcasing the government’s tangible support for the sector.
Her Excellency, Mrs Massandje Toure-Litse, Commissioner for Economic Affairs and Agriculture at the ECOWAS Commission, reported on the Commission’s progress in creating a conducive environment for SMEs, urging participants to engage with the ECOWAS SME Charter 2021-2030 and leverage its provisions for the growth and advancement of their businesses.
Participation of the AfCFTA Secretariat
The AfCFTA Secretariat played a central role in this event, shedding light on the abundant opportunities available to MSMEs under the African Continental Free Trade Area (AfCFTA) and the Guided Trade Initiative (GTI). The establishment of AfCFTA Trading Companies was highlighted as a significant development, acting as essential aggregators for SMEs across the continent. These trading companies are poised to streamline the trading process, providing SMEs with the necessary tools and knowledge to navigate the complexities of international trade under the AfCFTA agreement.
The Guided Trade Initiative: The Guided Trade Initiative is essentially a trading platform developed by the AfCFTA Secretariat to boost participation of the private sector in the AfCFTA. It represents an opportunity for SMEs looking to expand their reach across borders. By providing operational tools and resources, the GTI empowers businesses to trade confidently under the AfCFTA agreement, ensuring that they are well-equipped to tap into the vast opportunities that the continental free trade area presents.
Nigeria’s Central Role: As a trade powerhouse in Africa, Nigeria’s role in the West African region and the continent as a whole cannot be overstated. The country’s commitment to fostering economic cooperation and enhancing trade relationships was evident throughout the event. Mr. Olusegun Olutayo, representing the Nigeria AfCFTA Coordination Office, shared insights into Nigeria’s progress towards domestication and Gazetting under the AfCFTA, highlighting the country’s readiness to fully embrace the opportunities presented by the continental free trade area.
