Women-led Businesses Hold Key To Africa’s Economic Growth – Ex-NACCIMA Boss

The immediate past chairman of the Organised Private Sector of Nigeria (OPSN) and 22nd national president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye, has disclosed that empowering women-led enterprises under the African Continental Free Trade Area (AfCFTA) framework is key to unlocking Africa’s vast economic potential.

Speaking at a forum hosted by Zenforte and the United Nations Development Programme (UNDP) with the theme “Breaking Barriers – AfCFTA as a Catalyst for Inclusive Financial and Trade Systems for Women-led Enterprises in Africa,” held recently in Abuja, Oye, who is also the Chairman of the Nigerian Türkiye Business Council (NTBC), listed AfCFTA’s enormous potential, adding that women-owned businesses, which account for 40 per cent of enterprises on the continent, remain an untapped engine for innovation, growth and job creation.

The event brought together government leaders, development partners, financiers and ecosystem builders to chart actionable solutions that unlock market access, capital and cross-border opportunities for women- and youth-led enterprises.

The former NACCIMA boss also said, “I am thrilled to share my insights on empowering women-led enterprises, a crucial force in unlocking Africa’s economic potential. Women-led enterprises are not just an essential part of the continent’s economy; they represent a profound opportunity for growth and innovation. According to the African Development Bank, women-owned businesses account for approximately 40 per cent of all African enterprises.

However, these businesses grapple with significant challenges such as limited finance, markets and technology access.

“The African Continental Free Trade Area (AfCFTA) stands as a hope for women-led enterprises to tap into new markets, boost their competitiveness and significantly contribute to Africa’s economic growth.

By dismantling trade barriers and promoting economic integration, AfCFTA can empower women-led businesses in multifaceted ways, including access to new markets as AfCFTA opens the doors to a market of over 1.4 billion people, vastly expanding the growth potential of women-led enterprises.

Increased competitiveness: AfCFTA equips women-led businesses to enhance their innovation, productivity and market reach by eliminating trade barriers. Improved economic outcomes: Enhanced economic growth through AfCFTA promises job creation and poverty alleviation, with women-led enterprises at the forefront of community upliftment.”

Oye further stated, “Despite the promise of AfCFTA, significant challenges persist for women-led enterprises, including: Limited access to finance – Women often encounter significant barriers in securing the necessary financing to fuel their business ambitions. Market accessibility issues – Women-led enterprises face obstacles when striving to break into new markets due to the absence of vital information, resource networks and financial support systems. Need for skills and capacity building – Training and capacity enhancement are crucial for women-led businesses to navigate complex trade regulations effectively.

He stated on global context and economic realities, “However, this dialogue cannot occur in isolation from the broader global landscape. The ‘America First’ policies, characterised by a retreat from international rules-based trade practices, have disrupted global supply chains and eroded cooperative trade frameworks, resulting in job losses. The shift towards bilateral tariffs has further exacerbated existing economic disparities, with women and children disproportionately affected by the ensuing economic volatility.”