The African Continental Free Trade Area (AfCFTA) holds immense potential to empower women-led enterprises and drive economic growth across Africa, according to Dele Kelvin Oye, 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).
Speaking at a forum hosted by Zenforte and the United Nations Development Programme (UNDP) in Abuja, Oye highlighted that women-led businesses account for nearly 40 per cent of enterprises across Africa, yet they remain significantly underutilized as engines for innovation, job creation, and economic growth.
“I am thrilled to share insights on how we can empower women-led enterprises, a crucial force in unlocking Africa’s economic potential,” Oye said.
“Women-led enterprises are not just an essential part of the continent’s economy; they represent a profound opportunity for growth and innovation.”
Oye emphasized that AfCFTA, by promoting trade liberalization and economic integration, offers women entrepreneurs access to new markets, enhanced competitiveness, and improved economic outcomes.
He noted that dismantling trade barriers across the continent can help women-led businesses expand beyond national borders and play a more active role in Africa’s economic development.
“By removing trade barriers and creating a unified market, AfCFTA can empower women-led businesses to tap into new markets, boost their competitiveness, and significantly contribute to Africa’s economic growth,” he added.
However, Oye cautioned that challenges persist, particularly regarding access to finance, market penetration, and capacity building.
Women-led enterprises often face difficulty securing funding to scale operations and navigating complex trade regulations.
Oye stressed that addressing these challenges is critical to enabling women entrepreneurs to fully benefit from AfCFTA opportunities.
He also raised concerns about global economic realities, urging Nigerian policymakers to create stable frameworks that support business growth.
Specifically, Oye called on the Central Bank of Nigeria (CBN) to revisit its decision not to honor the $2.4 billion forwards, warning that this move could impose unnecessary financial burdens on businesses and hinder economic development.
“To amplify the impact of women-led enterprises, collaboration between government entities and the private sector is key,” Oye stated.
“Efforts must focus on increasing access to finance, enhancing market access, and investing in capacity building for women entrepreneurs across Africa.”
The former NACCIMA president concluded that AfCFTA has the potential to be transformative for women-led businesses, fostering economic integration and sustainable growth.
By supporting women entrepreneurs through policy frameworks and targeted interventions, Africa can not only unlock the potential of these businesses but also accelerate broader developmental and economic ambitions.
Experts agree that empowering women-led enterprises through continental trade frameworks like AfCFTA can significantly enhance Africa’s GDP, reduce unemployment, and create a more inclusive economic environment.
With nearly half of all small and medium enterprises in Africa run by women, unlocking their potential is essential for the continent’s economic future.
As AfCFTA continues to gain momentum, policymakers, financial institutions, and private sector stakeholders are encouraged to prioritize gender-focused trade initiatives and capacity-building programmes that equip women-led businesses to thrive in an integrated African market.