Nicole Obi has taken the helm as president and CEO of the Black Economic Council of Massachusetts (BECMA), vowing to drive meaningful change in addressing the racial wealth gap that has long affected Black communities across the state.
Obi, a seasoned executive with a background in finance and consulting, steps into the leadership role with a clear mission: to create sustainable economic opportunities for Black residents by advocating for policy reform, supporting Black-owned businesses, and expanding educational programs focused on financial literacy and business development.
Massachusetts has one of the most pronounced racial wealth gaps in the country. According to a 2015 report from the Federal Reserve Bank of Boston, the median net worth of Black households in Boston was just $8, compared to $247,500 for white households. Obi sees this disparity as a call to action.
“We must address the systemic barriers that prevent Black entrepreneurs and professionals from accessing the same resources and opportunities as their counterparts,” Obi said in a statement. “BECMA is committed to bridging that gap by working with policymakers, corporations, and community organizations to foster real economic equity.”
A major focus of BECMA under Obi’s leadership will be increasing access to capital for Black-owned businesses, which often face hurdles in securing loans and investments. The organization is also working to establish stronger partnerships with corporations that can provide contracts and business opportunities to Black entrepreneurs.
In addition to business advocacy, Obi is emphasizing the need for financial literacy and education. BECMA plans to launch workshops and mentorship programs aimed at equipping Black individuals and business owners with the tools to build wealth and navigate economic challenges.
Obi’s appointment comes at a time when racial equity and economic justice are at the forefront of national and local conversations. She is determined to ensure that Massachusetts does not lag behind in efforts to close the wealth gap.
“The success of Black businesses and professionals benefits the entire state,” Obi said. “This is not just a Black issue—this is an economic imperative for Massachusetts.”
As Obi leads BECMA into its next chapter, she remains focused on pushing for systemic change and ensuring that Black communities have the financial tools and opportunities to thrive. With her leadership, BECMA aims to be a driving force in making economic equity a reality in Massachusetts.
