The Immediate Past Chairman of the Organised Private Sector of Nigeria and former NACCIMA President, Dele Kelvin Oye, has stressed that empowering women-led small and medium enterprises (SMEs) under the African Continental Free Trade Area (AfCFTA) is crucial for unlocking Africa's economic growth.
Speaking at a forum organised by Zenforte in partnership with the United Nations Development Programme (UNDP) in Abuja, Oye highlighted that women own about 40% of businesses on the continent, yet many remain underutilised as drivers of innovation, job creation, and competitiveness.
He explained that AfCFTA provides opportunities for women-led SMEs to expand into new markets, scale their businesses, and enhance competitiveness by reducing trade barriers and deepening regional integration. However, he pointed out that these enterprises still face major challenges such as limited access to finance, difficulties in market entry, and the need for skills and capacity development to compete effectively.
Oye called on policymakers, financial institutions, and development partners to provide targeted support for women-led SMEs. "Improving access to finance, enhancing market linkages, and investing in training will ensure that women-owned businesses can fully benefit from AfCFTA," he said.
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He also urged the Central Bank of Nigeria (CBN) to reconsider its decision not to honour $2.4 billion forwards, warning that the move could worsen financial pressures for SMEs already struggling with currency depreciation and high debt costs.
According to him, collaboration between government and the private sector remains key to strengthening women-led enterprises and positioning them as major contributors to Africa's economic transformation.
Oye concluded that AfCFTA can be a game-changer for women-owned SMEs if supported with the right policies, partnerships, and resources, ultimately driving inclusive growth across the continent.
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