AfCFTA: Compass Global, partners empower SMEs, commit to intra-African trade

Compass Global Business Services, a leading trade and investment consultancy, recently concluded the second edition of its West Africa Meets East Africa (WAMEA) Trade Mission and Business Development Tour. This dual-country initiative, spanning Kenya and Tanzania from November 18th to 22nd, 2024, aimed to unlock the African Continental Free Trade Area (AfCFTA) opportunities for women and youth by leveraging regional value chains and fostering business linkages.

Building upon the success of its inaugural edition hosted in Kenya in March 2023, this year’s program, themed “Unlocking the AfCFTA Opportunity for Women and Youths,” focused on improving intra-African trade. Organized by Compass Global with support from Afreximbank and the UNDP, the event was facilitated through strategic alliances with the AfCFTA Secretariat and FEWACCI.

Key stakeholders from Africa’s private sector, including Cynthia E. Gnassingbe-Essonam, Senior Advisor for Private Sector Engagement at the AfCFTA Secretariat, and Segun Awolowo from Nigeria’s AfCFTA Coordination Office, participated in the opening ceremony of the Kenya deal room.

The West African delegation was received by Mr. Ahmed Farah HSE, CEO of the Kenya National Chamber of Commerce & Industry, on behalf of KNCCI President Dr. Eric Rutto. In Tanzania, Dr. Jacqueline Mkindi, CEO of the Tanzania Horticultural Association, welcomed the delegation.

Leading the West African delegation were Mrs. Tokunbo Chiedu, CEO of Compass Global and Convener of West Africa Meets East Africa, Honorable Toki Mabogunje, Honorary Consul to the United Republic of Tanzania, and Mrs. Comfort Adjahoe-Jennings, President of AWEP West Africa, representing 13 West African countries.

The program featured deal room activations, market visits, B2B meetings, and exhibitions. SMEs, women, and youth entrepreneurs from both regions received training on negotiation strategies and deal-making within the AfCFTA framework.

“Our primary goal is to empower SMEs to take advantage of AfCFTA and the $22 billion intra-African trade potential,” stated Mrs. Tokunbo Chiedu, CEO of Compass Global. “This initiative provides guidance on navigating exports and trade within the AfCFTA and helps SMEs establish business partnerships to expand their economic potential.”

Through its 2024 programs, Compass Global has organized regional events for over 600 SMEs across four countries, benefiting over 1,000 SMEs, women, and youth involved in trade across 22 countries since 2022.

Mrs. Chiedu commended Afreximbank for its consistent sponsorship, acknowledging its crucial role in supporting the trade mission’s primary aim: exposing participants to regional value chain prospects through deal activations, networking, and establishing vital connections for market access.

Strategic partners, such as the Association of Nigeria Women Business Network and the Women Chamber of Commerce & Industry, played a vital role in mobilizing key associations, women business networks, and SMEs to actively engage in the deal room activities. The efforts of AWEP West Africa President Mrs. Comfort Adjahoe-Jennings, who led a team of SME exporters and youth entrepreneurs supported by CAMFED, were also noteworthy.

Other critical players acknowledged for their contributions include the East Africa Business Council, the East Africa Women in Business Platform, and leading business networks such as the SME Founders Association, OWIT Kenya, and WeConnect.

Building on the success of the 2nd edition, Compass Global aims to expand this initiative in 2025 to include additional sub-regions such as Central Africa, North Africa, and South Africa. This expansion will leverage the company’s extensive networks and close affiliations with SMEs, enhancing its access to valuable market intelligence and networks to effectively promote the interests of Africa’s SMEs.