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ABUJA – Nigeria has expressed readiness to position itself as a leading force in the African Continental Free Trade Area (AfCFTA) by unlocking the productive potential of women-led enterprises and strengthening their access to finance, markets and other critical incentives.
The commitment was highlighted on Friday at the Colloquium in Honour of Women’s Role in Industry, Trade and Investment themed “Positioning Nigeria to Lead Intra-African Trade,” held at the National Assembly Library Complex, Abuja, where stakeholders also signed a Memorandum of Understanding (MoU) aimed at advancing the implementation of AfCFTA protocols.
Speaking at the event, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said Nigeria’s ambition under AfCFTA is to become a major production hub on the continent rather than remain a passive consumer market.
She stressed that as the country pushes for industrialisation and deeper intra-African trade, it must confront the reality that women remain central to Nigeria’s economic productivity.
According to her, the AfCFTA represents a $3.4 trillion market of about 1.4 billion people, making it the largest free trade area in the world by the number of participating countries.
“The African Continental Free Trade Area is no longer a conceptual aspiration. It is operational architecture. But let us be clear: markets do not create prosperity; production does. Trade agreements do not industrialise nations; competitive enterprises do,” she said.
Oduwole noted that manufacturing currently contributes about 13 to 14 per cent to Nigeria’s Gross Domestic Product (GDP), far below the 20 to 25 per cent recorded in industrialised economies.
“The gap is not merely statistical. It represents unrealised factories, unrealised exports and unrealised jobs. Closing that gap is the mandate of our new Nigeria Industrial Policy,” she added.
The minister explained that women already dominate several sectors of Nigeria’s real economy including retail, textiles, garments, agribusiness processing, nutrition systems and light manufacturing.
According to her, Nigeria has over eight million women-led micro, small and medium enterprises (MSMEs) generating more than $15 billion in annual revenue.
“They account for over 40 per cent of MSME employment, yet receive less than 20 per cent of formal MSME financing. Over 90 per cent operate informally and fewer than 15 per cent have access to structured digital training,” she said.
She further lamented that less than five per cent of women-led businesses have formal governance structures, a situation that affects their ability to scale and compete in larger markets.
“This is not a capability problem; it is a structural design problem. We have mentorship without capital, finance without readiness and markets without compliance support,” she said.
Oduwole assured that the Ministry of Industry, Trade and Investment, in collaboration with the Bank of Industry and private sector partners, is committed to moving from discussions to structured implementation that will enable women-led enterprises scale and compete under AfCFTA.
“Investment readiness is the missing bridge between enterprise survival and enterprise scale, and scale is what AfCFTA demands,” she said.
Also speaking, the Minister of Women Affairs, Imaan Sulaiman-Ibrahim, said Nigeria’s economic transformation must be inclusive, noting that women constitute a vital pillar of the country’s productive economy.
She stated that although women dominate several sectors of economic activity, the formal structures of trade have not always been designed to accommodate them.
“Women are central to Nigeria’s economic life. They produce a large share of our food, dominate many segments of informal commerce, and operate thousands of micro, small and medium-scale enterprises across the country. Yet the structures of formal trade have not always been designed with them in mind,” she said.
The minister disclosed that women account for about 70 per cent of Nigeria’s agricultural labour force but own less than 14 per cent of agricultural land and access less than 10 per cent of formal agricultural credit.
“They do the work, they bear the risk, but the system was not designed to reward them,” she added.
Citing global studies, she noted that women-led small and medium enterprises are more likely to reinvest earnings into their communities, education and local supply chains.
“Supporting women’s participation in trade is not simply a matter of social equity; it is a strategic economic imperative,” she said, adding that Nigeria cannot fully lead intra-African trade if women remain underutilised in the economy.
In a goodwill message, the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, said Nigeria’s ability to lead intra-African trade would depend not only on policy frameworks but also on empowering capable actors within the economy.
She noted that women represent a significant portion of Nigeria’s entrepreneurial and productive base and expanding their participation in manufacturing, commerce and cross-border trade would strengthen the country’s competitiveness.
“Within the Federal Civil Service, we remain committed to supporting government policies and reforms that promote inclusive economic growth and create an enabling environment for businesses and investors,” she said.
Earlier in his opening remarks, the Permanent Secretary in the Ministry of Industry, Trade and Investment, Ambassador Nura Abba Rimi, said the African continent has adopted forward-looking frameworks under AfCFTA, including the Protocol on Digital Trade and the Protocol on Women and Youth in Trade.
According to him, the Protocol on Women and Youth in Trade is designed to expand market access, improve financing opportunities and support the growth of women-owned and women-led enterprises across the continent.
Rimi explained that the Memorandum of Understanding signed at the colloquium was aimed at ensuring that the opportunities created under AfCFTA translate into tangible and inclusive economic growth.
“Its purpose is to ensure that the opportunities created by AfCFTA translate into tangible and equitable economic growth across the continent,” he said.
