The Immediate Past Chairman of the Organised Private Sector of Nigeria and former President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye, has said that the African Continental Free Trade Area (AfCFTA) holds vast potential to boost Africa’s economy if women-led enterprises are fully empowered.
Oye made this known at a forum hosted by Zenforte and the United Nations Development Programme (UNDP) in Abuja. He noted that women-owned businesses, which make up about 40 per cent of enterprises across the continent, remain an untapped source of innovation, growth, and job creation.
He explained that AfCFTA can provide women entrepreneurs with access to larger markets, enhance competitiveness, and improve economic outcomes by removing trade barriers and fostering deeper regional integration.
“Women-led enterprises are not just vital to the continent’s economy, they also represent an immense opportunity for growth and innovation,” Oye said.
Despite the opportunities, he identified persistent challenges faced by women-led businesses, including poor access to finance, difficulties in entering new markets, and the need for stronger skills and capacity development to navigate trade regulations.
Oye further raised concerns about the Central Bank of Nigeria’s refusal to honour $2.4 billion forwards, warning that the decision was already creating litigations and financial pressure on businesses. He stressed that robust policies and collaboration between government and private sector stakeholders were critical to supporting women-led businesses and achieving the wider goals of AfCFTA.
“To amplify the impact of women-led enterprises, we must collaborate across several fronts, expand access to finance, open up markets, and invest in capacity building,” he said.
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