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…$450 Billion hovered to enhance potential growths according to the World Bank, and other partners, Women motivated to tap into the African Continental Free Trade Area
Posted On 27 Nov 2021
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone – Bent on the African Continental Free Trade Area (AfCFTA) steadied to yield possible profits of up to $450 billion according to the World Bank, the International Trade Centre (ITC) and the Organization of Women in International Trade (OWIT) in Nairobi, in collaboration with OWIT Nigeria and OWIT Zimbabwe, are partnering to fund African
women entrepreneurs to participate in intra–regional trade.
Speaking during the Africa Women Trade Conference composed by the two organizations on November 25 and 26, Aissatou Diallo, ITC Senior Coordinator for the AfCFTA and Least Developed Countries, announced that, trade under the AfCFTA would navigate bigger increases in revenue for business women.
Themed ‘Empowering Women in Intra–Africa Trade’ ,the conference enables women entrepreneurs to trade cross continentally, taking advantage of the AfCFTA’s tremendous potential for trade within the regional and continental markets. The conference further focuses on Africa’s investment opportunities while creating an opportunity for women entrepreneurs and business leaders to meet with investors.
Supported by ITC’s One Trade Africa programme, the two–day hybrid event, with 200 participants on–site and 1,000 joining virtually, brings together traders, government agencies, financial institutions, investors, small businesses and local eco–system partners.
Experts attending the conference say it is critical to establish what the AfCFTA means for women in terms of their participation in cross–border trade, value chains and public procurement from the onset. They also underscore women and youth are key stakeholders in continental economic development, as Africa’s informal sector accounts for 85% of the continent’s total economic activity; and while women account for 90% of the labour force in the informal sector, making up 70% of the continent’s informal traders.
OWIT in Nairobi, Nigeria and Zimbabwe, are co–operating to fulfill as a strategic response in enhancing the capabilities of African women entrepreneurs at all levels across the continent. They will work together to empower women in developing new and innovative strategies to intelligence, including competitive intelligence to trade
beyond their borders.
During the event, Caroline Gathii, President of OWIT Nairobi, said, “we are honoured to partner with ITC through the One Trade Africa programme on the Africa Women Trade Conference which is the first of its kind in the region. The conference provides a platform for connections, collaborations, and exchange of ideas between Africa states.
Together with ITC we will seek to explore avenues of increasing intra–African trade among women in the region.”
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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