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) presents enormous opportunities for women-led Micro, Small and Medium Enterprises (MSMEs) to thrive.
Speaking at a forum hosted by Zenforte and the United Nations Development Programme (UNDP) in Abuja, Oye noted that women-owned businesses, which account for about 40 per cent of enterprises across Africa, remain a largely untapped force for innovation, job creation, and inclusive growth.
“Women-led enterprises are not just an essential part of the continent’s economy; they represent a profound opportunity for growth and innovation,” he said.
According to Oye, AfCFTA can serve as a transformative tool for women entrepreneurs by expanding access to regional markets, boosting competitiveness, and improving economic outcomes. By dismantling trade barriers and deepening integration, he explained, the agreement gives women-led MSMEs a platform to scale across borders and contribute more meaningfully to Africa’s development.
He, however, cautioned that despite these opportunities, women-led MSMEs still face challenges such as limited access to finance, market entry barriers, and capacity gaps that make navigating trade regulations difficult. Many women entrepreneurs, he said, continue to struggle to secure the funding and skills needed to expand their businesses.
Oye also tied these challenges to the wider economic climate, urging policymakers to create an enabling environment. He specifically called on the Central Bank of Nigeria to reconsider its decision not to honour $2.4 billion in forwards, warning that the move could further constrain enterprises already battling currency depreciation and rising debt costs.
Stressing the importance of collaboration, the former NACCIMA boss said sustained partnerships between government, private sector actors, and development agencies are needed to amplify the impact of women-led MSMEs.
“To unlock the potential of women-led enterprises, we must increase access to finance, improve market access, and invest in capacity building,” Oye said.
He concluded that with the right support, AfCFTA could accelerate the growth of women-led MSMEs and position them as a key driver of Africa’s economic transformation.
