Oye: Empowering Women-led Enterprises Key to Unlocking Africa’s Economic Potential

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.

Oye who is also the Chairman of the Nigerian Türkiye Business Council (NTBC) said this in his remarks 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.

The former NACCIMA boss who listed AfCFTA’s enormous potential, stressed that women-owned businesses, which account for 40% of enterprises on the continent, remain an untapped engine for innovation, growth, and job creation.

According to him, “I am thrilled to share my insights on how we can empower 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% of all enterprises in Africa. However, these businesses grapple with significant challenges, such as limited access to finance, markets, and technology.

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

He continued: “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 womenled enterprises. Increased competitiveness: By eliminating trade barriers, AfCFTA equips women-led businesses to enhance their innovation, productivity, and market reach.

“Improved economic outcomes as enhanced economic growth through AfCFTA promises job creation and poverty alleviation, with womenled enterprises at the forefront of community upliftment.”

Oye further stated, “Despite the promise of AfCFTA, significant challenges persist for womenled 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.”

On global context and economic realities, he stated, “However, this dialogue cannot occur in isolation from the broader global landscape. The “America First” policies, characterized by a retreat from international rules-based trade practices, have disrupted global supply chains, eroded cooperative trade frameworks, resulting in job losses.