By Paul Effiong, Abuja
Minister of Industry, Trade and Investment, Jumoke Oduwole, has called for stronger financial support and market access for women-led businesses as the country positions itself to lead intra-African trade.
The minister made the appeal while declaring open a colloquium at the National Assembly Complex, Abuja.
She disclosed that women entrepreneurs should be fully integrated into the continent’s emerging trade ecosystem under the African Continental Free Trade Area, AfCFTA, emphasizing that economic growth would remain limited if half of Africa’s entrepreneurial capacity remains under-capitalised.
According to her, AfCFTA connects about 1.3 billion people and an estimated $3.4 trillion in combined Gross Domestic Product, GDP, creating one of the world’s largest single markets.
She, however, informed that Africa currently has only 345 companies generating more than $1 billion in annual revenue.
The minister highlighted the continent’s vast potential for growth in businesses including those led by women.
Oduwole equally disclosed that Nigeria’s economic reforms under President Bola Tinubu aim to build a $1 trillion economy by 2030 through stronger industrial capacity, increased exports, as well as deeper regional integration.
She observed that closing the estimated $49 billion financing gap facing women-owned businesses across Africa would be crucial to ensuring that Nigerian firms scale across borders and take full advantage of opportunities within the continental market.
