Small and Medium Scale Enterprises (SMEs) in Nigeria are seeking greater participation in the burgeoning beauty, textile and garment industry valued at over $3 trillion.

Nigeria, investigations reveal, is among countries in Africa exploring opportunities in this fast growing value chain utilising relevant market access to protocols of the African Continental Free Trade Agreement signed and ratified by over 48 of the continent’s 54 countries.

But unlocking the huge potential in the value chain would require African Union clear many obstacles clogging the smooth facilitation of trade among millions small and medium enterprises littering the continent.

Speaking in an interview, President All Africa Association of Small and Medium Enterprises (AAASME), Dr Ebiekure Jasper Eradiri said the African Union (AU), needs to encourage more countries to consolidate the appropriate frameworks including creating an enabling environment to drive the growth of business.

He said African countries need to implement the setting of special economic zones to drive the growth of the economy through policies and other interventions.

To drive the growth of trade and commerce in Africa , Eradiri called on countries that have signed on to the relevant protocols for market access to rethink how to resolve issues bordering on interoperability, which will drive ease of financial access.

He said resolving an acceptable settlement systems through adoption of digital mobile wallets in accelerating ease of payment will drive Africa’s prosperity network.

Eradiri, progress has been achieved in that area, as the African Union few months ago gave approval for interoperability.

With Africa’s over 600 million mobile access penetration, he said cross border trade will get a lift, as he canvassed the establishment of an pan – Africa payment settlement system.

With such system in place, Eradiri said it will make it convenient for financial technology companies and mobile wallet operators to transact business across Africa.

Eradiri said the rapid spread of SMEs managed by young people and women who patronise digital payment platforms will make it easier for business transactions.

He said SMEs in Africa could perform better if the conditions attached to their access to funding is reviewed.

He said the template designed by developed countries requiring tedious requirements to support SMEs is long overdue.

He said :” This is reason we are calling for the establishment of an Alliance for Financial Institutions in Africa to provide a hybrid solution on how SMEs could have easier access to financing.”