Theme: Economic Empowerment of SMEs, Women and Youth Entrepreneurs to Realize Africa’s Industrialization in the context of the integrated market
Micro, Small and Medium-Sized Enterprises (MSMEs) are important drivers of economic growth and development in most African economies. According to the International Finance Cooperation, MSMEs account for up to 90% of all businesses in African markets and as such, remain one of the main sources of employment. MSMEs have remained even more resilient after facing unprecedented economic disruptions in the wake of the COVID-19 pandemic, and optimistic about the growth that lies ahead. Unlocking the region’s growth potential will require bridging the credit gap, strengthening SME value chains and boosting productivity via digitization, technology adoption and adaptation. Lastly, specific training workshops that will have a positive impact on African MSMEs is most desirable.
The challenges faces by SMEs are particularly acute for women-owned SMEs which are constrained by numerous barriers in the business environment and offer limited employment opportunities. Owing to institutional and regulatory issues, lack of access to finance, relatively low rates of business education or work experience, risk aversion, confinement of women’s businesses to slower growth sectors, and the burden of household management responsibilities, women-owned enterprises grow slowly when compared with enterprises that are owned by men.
Small and medium-sized enterprises form the backbone of the African economy, representing more than 90% of businesses and employing about 60% of workers, many of whom are women and youth. Despite the significant role which SMEs play in the development of African economies, they have yet to be fully integrated into the regional value chains system and in turn the continental trading system. This limits the ability of SMEs to grow and scale their business ensuring that they often remain small businesses and informal in their operations, leaving them vulnerable to various shocks that lead to a short business lifespan.
On the 6th of April 2007, the United Nation General Assembly adopted the resolution 71/279, designating the 27 June as Micro-, Small and Medium-sized Enterprises Day; Invited all Member States, organizations of the United Nations system and other international and regional organizations, as well as civil society, including non-governmental organizations, academia, individuals and other relevant stakeholders, to observe the Day in an appropriate manner and in accordance with national priorities, in order to raise public awareness of their contribution to sustainable development. And also invites Member States to facilitate the observance of the Day by fostering research presentations, policy discussions, practitioner workshops and business owner testimonials from around the world, to the extent possible, in collaboration with public, private and non-profit organizations.
Objective of the Forum.
The main objective of the firstAfrica SME Annual Forum is to promote, upskill and strategize for a better, more inclusive African SME sector to realize Africa’s Industrialization in the context of the integrated market.
- The specific objectives of the forum will be to:
- Celebrate the Micro-, Small and Medium-sized Enterprises Day
- Provide SME support by providing training in Quality Infrastructure, Intellectual Property Rights, access to Finance and Access to Market specially e-commerce.
- Promote policies for the development and growth of SMEs in Africa;
- Advocate for the domestication and implementation of the AU SME Policies and Strategies;
- Present Enterprise Africa Network;
