L-R: Associate Member, Women in Business & Management, Tosin Adefeko; Member, Executive Council, Winbiz, Ijeoma Taylaur; Chairperson, Executive Council, Olubunmi Talabi; Member, Executive Council, Adebisi Adeyemi; and Executive Council, Andrey Joe –Ezigbo
The 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, said 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 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 in Abuja.
The event brought together government leaders, development partners, financiers, and ecosystem builders to chart actionable solutions that unlock market access, capital, and cross-border opportunities for women- and youth-led enterprises.
The former NACCIMA boss, who listed AfCFTA’s enormous potential, stressed 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. 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 per cent of all enterprises in Africa. However, these businesses grapple with significant challenges, such as limited access to finance, markets and technology.
“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. 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 women-led enterprises,” he said.
He urged the Central Bank of Nigeria (CBN) to reverse its refusal to honour $2.4 billion forwards.
“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.
“The costs associated with the CBN delays in coming to a decision, after almost three years of transaction, should be resolved amicably to safeguard local investors and banks from collapse,” he said.
