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

Speaking at a forum hosted by Zenforte in partnership with the United Nations Development Programme (UNDP) in Abuja, Oye noted that women-owned businesses account for about 40 per cent of enterprises across the continent, yet remain an underutilised engine for innovation, growth, 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,” Oye said in a statement on Monday.

He explained that AfCFTA provides an unprecedented platform for these businesses to expand into new markets, increase competitiveness, and deliver stronger 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 said.

Barriers to Growth

Despite their potential, Oye stressed that women entrepreneurs face persistent challenges, including limited access to finance, market entry difficulties, and the need for skills and capacity building to navigate complex trade regulations.

“Women often encounter significant barriers in securing the necessary financing to fuel their business ambitions,” he noted.

Policy Concerns

Oye also placed the discussion within the context of Nigeria’s current economic realities, urging the Central Bank of Nigeria to reconsider its decision not to honour the $2.4bn forwards, warning that the move poses serious risks to the 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,” he cautioned.

Call for Collaboration

The former NACCIMA boss emphasised that collaboration between businesses, government, and development partners is crucial to address the structural barriers confronting women entrepreneurs.

“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.

The Bigger Picture

Oye concluded that AfCFTA could be a transformative tool for women-led businesses, with benefits extending beyond individual enterprises to Africa’s broader economic development.

“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 said.