The European Union has pledged a significant commitment of €1.1 billion to support the African Union’s efforts in implementing the African Continental Free Trade Agreement, according to the Head of Cooperation at the EU Delegation to Nigeria and ECOWAS, Mr. Massimo De Luca.
De Luca made this known on Monday during the 4th African Union Micro, Small and Medium Enterprises Forum held in Abuja. He expressed concern over the ongoing financial constraints confronting small businesses across the region.
He stressed the importance of unlocking the potential of Africa’s informal sector, warning that failure to do so would entrench a cycle of economic stagnation.
“Our EU initiative in support of the African Union in the implementation of the AfCFTA hovers around 1.1 billion euros. The African Continental Free Trade Area represents an unprecedented achievement towards realising Africa’s full economic potential and integration.
“The EU remains firmly committed to our partnership with Africa and ECOWAS for inclusive and sustainable industrial development across the continent,” De Luca stated.
Also speaking at the forum, the United Nations Development Programme Resident Representative in Nigeria, Ms. Elsie Attafuah, underscored the vital role MSMEs play in driving Africa’s economic growth.
“Across our continent, MSMEs are the builders of local prosperity. They employ, they innovate, and they adapt, but they cannot thrive on resilience alone.
“They need ecosystems that work for them, platforms to commercialise innovation, access to working capital and markets both domestic and continental that recognise their value,” she said.
Adding to the discourse, Permanent Representative of the African Union Sixth Region Global to Nigeria and ECOWAS, Ambassador Afolabi Oke, announced a new appointment within the AU6RG framework.
“The African Union Sixth Region Global is dedicated to representing and advocating for the African diaspora worldwide. As an extension of the African Union, we serve as the ‘Sixth Region,’ uniting people of African descent living outside the African continent and Friends of Africa,” he explained.
He revealed that Mr. Temitola Adekunle-Johnson, Special Adviser to the Nigerian President on Job Creation and MSMEs, had been appointed as Special Adviser to the AU 6th Region on Job Creation and MSME Development.
Meanwhile, the Managing Director of the Nigerian Export-Import Bank, Mr. Abubakar Abba Bello, reaffirmed the bank’s support for MSME financing, describing it as essential to the development of Africa’s value chains and the broader success of the AfCFTA.
“There’s a need for Africa to look inward to develop its value chain. We need to facilitate the success of the AfCFTA, and this is dependent on boosting production,” he remarked.
