AfCFTA can empower women-led businesses, boost growth – Oye

The Immediate Past Chairman of the Organised Private Sector of Nigeria and 22nd National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye, has stressed that empowering women-led enterprises under the African Continental Free Trade Area (AfCFTA) framework is crucial to unlocking Africa’s vast economic potential.

Speaking at a forum hosted by Zenforte in collaboration with the United Nations Development Programme (UNDP) in Abuja, Oye noted that women-owned businesses, which make up 40% of enterprises across the continent, remain an underutilised engine for innovation, growth, and job creation.

“I am thrilled to share my insights on how we can empower women-led enterprises, a crucial force in unlocking Africa’s economic potential,” Oye said in a statement on Monday. “Women-led enterprises are not just an essential part of the continent’s economy; they represent a profound opportunity for growth and innovation.”

AfCFTA as a Game-Changer for Women-Led Businesses

Oye underscored the enormous potential of AfCFTA, noting that it can transform women-led businesses by providing access to new markets, boosting competitiveness, and improving economic outcomes.

“By dismantling trade barriers and promoting economic integration, AfCFTA can empower women-led businesses to tap into new markets, boost their competitiveness, and significantly contribute to Africa’s economic growth,” he stated.

Challenges Facing Women Entrepreneurs

Despite their potential, Oye highlighted persistent challenges confronting women-led enterprises, including:

• Limited access to finance

• Market accessibility issues

• Skills and capacity gaps

“Women often encounter significant barriers in securing the necessary financing to fuel their business ambitions,” he said. “Market accessibility issues and the need for skills and capacity building are also crucial for women-led businesses to navigate complex trade regulations effectively.”

Broader Economic Context and Policy Concerns

Oye also placed the conversation within the global economic context, emphasising the need for robust and stable policies to support businesses and communities.

He specifically urged the Central Bank of Nigeria (CBN) to reconsider its decision not to honour the $2.4 billion forwards, warning that it poses significant risks to the Nigerian economy.

“This unilateral decision poses significant risks, which have already started creating unnecessary litigations and imposing additional financial burdens on businesses already grappling with a depreciating currency and rising debt costs associated with the transaction,” Oye cautioned.

Call for Collaboration and Policy Support

The former NACCIMA president emphasised the importance of sustained partnership among stakeholders, saying collaboration between businesses, governments, and financial institutions is key to strengthening women-led enterprises.

“To amplify the impact of women-led enterprises, we must collaborate on several fronts: increase access to finance, enhance market access, and invest in capacity building,” he said.

Unlocking Africa’s Development Through Women-Led Enterprises

In conclusion, Oye reaffirmed that AfCFTA can serve as a transformative tool for women entrepreneurs across Africa.

“By encouraging economic integration and providing targeted support, we can not only unlock the potential of these businesses but also contribute significantly to Africa’s broader economic and developmental ambitions,” he added.