The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has declared that unlocking the productive capacity of women-led enterprises and integrating them into formal trade systems are key to achieving Nigeria’s ambition to lead intra-African trade under the African Continental Free Trade Area (AfCFTA).
She made the assertion at a colloquium in honour of women’s role in industry, trade and investment held at the National Assembly Library Complex in Abuja with the theme “Positioning Nigeria to Lead Intra-African Trade.”
In her keynote address, Oduwole, said Nigeria’s industrialisation strategy must confront the reality that women remain a critical but underutilised force in the economy.
According to her, real economic transformation will depend on building productive and competitive enterprises capable of manufacturing, processing and exporting at scale.
“Let us be clear, markets do not create prosperity, production does. Trade agreements do not industrialise nations, competitive enterprises do.
“Nigeria’s ambition under AfCFTA is not to be a passive consumer market. It is to become a production hub; manufacturing, processing, innovating and exporting at scale,” she said.
Oduwole noted that manufacturing currently contributes about 13-14 per cent to Nigeria’s gross domestic product, far below the 20-25 per cent typical of industrialised economies, adding that bridging the gap represents the country’s broader industrial policy goals.
The minister said women already dominate key segments of Nigeria’s real economy, particularly in retail trade, textiles, agribusiness processing and light manufacturing.
According to her, Nigeria has more than eight million women-led micro, small and medium enterprises (MSMEs) generating over $15 billion annually.
She however noted that despite their economic contribution, women-owned businesses still face major structural barriers.
“They account for over 40 per cent of MSMEs 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.
But she noted that fewer than five per cent of such enterprises operate formal governance systems, a factor that limits their growth and access to institutional financing.
Oduwole added that 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.
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