Expert Highlights AfCFTA Opportunities for Female Businesses

Tosin Clegg

Yeni Fowotade, an international business consultant, has emphasized the revolutionary opportunities the African Continental Free Trade Area (AfCFTA) presents for businesses across Africa and foreign businesses looking to expand to the continent.

According to her statement, she said the AfCFTA covers a market of over 40 countries with an aggregate population of 1.2 billion people and a combined GDP of over $2 trillion, making it the world’s largest free trade area once fully in effect.

She said: “The agreement aims to reduce tariffs on 90% of goods, facilitate the movement of capital and people, and improve customs procedures and infrastructure across Africa.”

According to Fowotade, the removal of trade barriers will increase market access for female-owned businesses, enabling them to expand beyond national borders, increase their customer base, revenues, and growth potential.

“The AfCFTA will also foster a competitive market environment, encouraging innovation, strategic partnerships, and access to resources.” Shee noted.

She revealed that to fully benefit from the AfCFTA, female entrepreneurs should seek out funding programs, enhance their skills in digital literacy, financial management, and international trade regulations, and actively participate in regional business forums and policy advocacy.

“The AfCFTA will introduce a new era of economic integration and growth for Africa, offering unprecedented opportunities for female entrepreneurs.

By leveraging these benefits, female-owned businesses can drive economic and social progress across the continent, enhancing gender equality and contributing to regional prosperity.” She asserted