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, Dele Kelvin Oye, has disclosed that empowering women-led enterprises under the African Continental Free Trade Area framework is key to unlocking Africa’s vast economic potential.
Speaking at a forum hosted by Zenforte and the United Nations Development Programme in Abuja, Oye noted 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.
“I am thrilled to share my insights on how we can empower women-led enterprises, a crucial force in unlocking Africa’s economic potential,” he 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.”
Oye highlighted the enormous potential of AfCFTA, saying it can empower women-led businesses in multifaceted ways, including access to new 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, boost their competitiveness, and significantly contribute to Africa’s economic growth,” he said.
However, Oye noted that significant challenges persist for women-led enterprises, including limited access to finance, market accessibility issues, and the need for skills and capacity building. “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.”
Oye also spoke about the global context and economic realities, highlighting the need for robust and stable policies that uplift communities. He urged the Central Bank of Nigeria to reconsider its decision not to honour the $2.4bn forwards, saying it poses significant 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 associated with the transaction,” he said.
The former NACCIMA boss emphasised the need for sustained partnership among stakeholders, saying collaboration between businesses and government entities is critical to overcoming the challenges faced by 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.
In conclusion, Oye noted that AfCFTA holds the potential to be a transformative tool for women-led enterprises 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.
