The empowerment of women-led small and medium enterprises is critical to unlocking Africa's economic potential under the African Continental Free Trade Area, according to industry leader Dele Kelvin Oye.
Speaking at a forum in Abuja hosted by Zenforte and the United Nations Development Programme, Oye noted that women-owned businesses represent around 40 percent of enterprises in Africa. He described them as an underused source of innovation, growth, and job creation.
He highlighted the AfCFTA as a major opportunity for these businesses to access larger markets, become more competitive, and contribute more effectively to the continent's development. By removing trade barriers and promoting regional integration, AfCFTA could help women-led SMEs expand and thrive.
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However, Oye also pointed out key challenges holding these businesses back, including limited access to finance, difficulties in entering markets, and a lack of skills and capacity to navigate complex trade environments.
He urged stakeholders to invest in solutions, such as improving access to funding, boosting training, and enhancing market opportunities. He also called on the Central Bank of Nigeria to reverse its decision not to honor $2.4 billion in forward contracts, warning that the move could harm business confidence and increase financial stress on already struggling enterprises.
Oye concluded by calling for stronger collaboration between government and private sector actors to support women-led SMEs. He said inclusive economic policies are essential for AfCFTA to deliver real impact across the continent.
