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How African Women In Business Are Breaking Barriers And Driving Growth

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In recent years, there has been a growing recognition of the important role that women play in driving economic growth and development in Africa.

 

Despite facing many barriers and obstacles, women entrepreneurs and business leaders have been making significant contributions to their communities and the wider economy.

 

We will explore the challenges and opportunities facing women in African business, and how they are breaking down barriers to drive growth and prosperity.

 

Women in African business face a range of challenges that can hinder their success and limit their opportunities. These challenges include:

 

LIMITED ACCESS TO FINANCE

 

Women often struggle to access finance and investment capital, which can be a major obstacle to starting or growing a business.

 

Research has found that women in sub-Saharan Africa are 20% less likely than men to have a bank account, and have 17% less access to formal credit. This lack of access to financial resources presents a significant barrier for women in starting and expanding their businesses.

 

SOCIAL AND CULTURAL BARRIERS

 

In many African societies, there are still cultural and social norms that restrict women’s participation in the workforce, and limit their access to education and training.

 

LEGAL BARRIERS

 

Women in some African countries face legal barriers that restrict their ability to own property, start a business, or access credit.

 

LACK OF REPRESENTATION

 

Women are often underrepresented in business leadership and decision-making roles, which can limit their ability to influence policy and drive change.

 

Despite these challenges, African women in business have been making impressive strides in recent years. Here are some of the ways in which they are breaking down barriers and driving growth.

 

CREATING NETWORKS AND SUPPORT SYSTEM

 

Women entrepreneurs are forming networks and support systems to share knowledge, resources, and expertise. These networks can help to overcome the challenges of access to finance and training, and provide a platform for women to advocate for policy changes that benefit women in business.

 

EMBRACING TECHNOLOGY

 

Women entrepreneurs are increasingly leveraging technology to overcome barriers and reach new markets. Digital platforms and tools can help to connect women with customers and investors, and provide access to training and resources that might otherwise be difficult to access.

 

ADVOCATING FOR POLICY CHANGE

 

Women leaders in African business are advocating for policy changes that promote gender equality and level the playing field for women. These changes could include reforms to legal frameworks that restrict women’s access to finance and property, and policies that promote women’s participation in leadership and decision-making roles.

 

MENTORING THE NEXT GENERATION

 

Women leaders in African business are also mentoring and supporting the next generation of women entrepreneurs and business leaders. By sharing their knowledge and expertise, they can help to build a pipeline of talented and empowered women who can drive growth and development in the years to come.

 

The role of women in African business is critical to driving growth, innovation, and prosperity in the region.

 

As we look to the future, it is clear that the continued empowerment and inclusion of women in African business will be essential to building a more equitable, inclusive, and prosperous society.

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Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd

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Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.

The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.

Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.

According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.

ALSO READ: NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months

The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.

Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.

She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.

The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.

The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.

Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.

Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.

The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.

It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.

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FHC Orders NUPRC to Comply with PIA

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Local Firms Lead Revival of Idle Oil Wells – SPE

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Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.

The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.

According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.

“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.

He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.

The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.

“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”

He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.

He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.

“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”

ALSO READ: Nigerian Navy Recovers Large Cache of Illegal Refined Petroleum Products

Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.

According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.

He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.

“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”

Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.

“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”

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