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 critical to unlocking Africa’s economic potential.
Speaking at a forum hosted by Zenforte and the United Nations Development Programme (UNDP) in Abuja, Oye described women-owned businesses—estimated to account for 40 per cent of enterprises across the continent—as an underutilized driver of growth, innovation, and job creation.
“Women-led enterprises are not just an essential part of the continent’s economy; they represent a profound opportunity for growth and innovation,” he said.
Oye explained that AfCFTA offers women-led businesses new opportunities through expanded markets, increased competitiveness, and improved economic outcomes. “By dismantling trade barriers and promoting economic integration, AfCFTA can empower women-led businesses to tap into new markets and significantly contribute to Africa’s economic growth,” he added.
He, however, pointed out the persistent challenges facing women entrepreneurs, including limited access to finance, weak market access, and inadequate skills development. According to him, these barriers make it difficult for women-led firms to navigate complex trade regulations and achieve their full potential.
Oye also expressed concern over broader economic policies, urging the Central Bank of Nigeria (CBN) to reverse its decision not to honour $2.4 billion in forward contracts. He warned that the move could trigger more litigation and impose additional financial burdens on businesses already struggling with currency depreciation and rising debt costs.
The former NACCIMA president emphasized the need for stronger partnerships between governments, financial institutions, and the private sector to boost women’s access to finance, market entry, and capacity-building programmes.
“By encouraging economic integration and providing targeted support, we can not only unlock the potential of women-led businesses but also drive Africa’s wider developmental ambitions,” he concluded.
