Minister of Trade Calls for Greater Backing of Female-Run Enterprises Under AfCFTA

Dr Jumoke Oduwole, the Minister of Industry, Trade and Investment, emphasized that empowering women-led enterprises and integrating them into formal trade systems is crucial for Nigeria to achieve its goal of leading intra-African trade under the African Continental Free Trade Area (AfCFTA).

Nigeria's industrialisation strategy must acknowledge the significant yet underutilised role of women in the economy, according to Oduwole, who made this assertion at a colloquium held at the National Assembly Library Complex in Abuja with the theme “Positioning Nigeria to Lead Intra-African Trade.”

In her keynote address, Oduwole stressed that building productive and competitive enterprises is essential for real economic transformation, as these enterprises must be capable of manufacturing, processing, and exporting on a large scale.

Oduwole stated that prosperity is created by production, not markets, and that trade agreements alone cannot industrialise nations, but rather competitive enterprises can, saying “Let us be clear, markets do not create prosperity, production does.

She further emphasized that Nigeria's ambition under AfCFTA is to become a production hub, focusing on manufacturing, processing, innovating, and exporting at scale, rather than just being a passive consumer market.

Oduwole noted that the manufacturing sector currently contributes around 13-14 per cent to Nigeria's gross domestic product, which is far below the 20-25 per cent typical of industrialised economies, and that bridging this gap is a key aspect of the country's broader industrial policy goals.

According to Oduwole, women already dominate key segments of Nigeria's real economy, including retail trade, textiles, agribusiness processing, and light manufacturing, with over eight million women-led micro, small and medium enterprises (MSMEs) generating more than $15 billion annually.

Despite their significant economic contribution, women-owned businesses still face major structural barriers, including limited access to formal financing, with less than 20 per cent of formal MSME financing going to women-owned businesses.

Oduwole highlighted that over 90 per cent of women-led MSMEs operate informally, and fewer than 15 per cent have access to structured digital training, while fewer than five per cent of such enterprises operate formal governance systems, limiting their growth and access to institutional financing.

The federal government, through the Ministry of Industry, Trade and Investment and the Bank of Industry, is working with private-sector partners to strengthen investment readiness and scale up women-led enterprises, according to Oduwole.