Oyo Government Unveils AfCFTA Implementation Strategy To Unlock Economic Prosperity

‎Mene maintained that Oyo State’s decision to integrate with the rest of Africa through the AfCFTA, will result in the expansion of economic opportunities for the state, as according to him, the initiative will boost the state’s trade volume, unleash economic prosperity on the youth, the informal sector, farmers, manufacturers and entrepreneurs in the state.

Speaking at the launch of the Oyo State Sub-national Implementation Strategy for the African Continental Free Trade Area (AfCFTA), held at the International Conference Centre, University of Ibadan, on Friday, Mene noted that Oyo State has, by leveraging on the opportunities provided by AfCFTA, become a beacon of resilience, competitiveness, job creation and prosperity for all.

He added that the implementation strategy launched by the state would tackle the challenges of youth unemployment, drive economic growth, reduce poverty and improve the living standards of residents of the state, as the strategy has short, medium and long term benefits for the state.

‎The AfCFTA Secretary-General lauded Governor ‘Seyi Makinde for his vision in recognising the importance of AfCFTA and in driving the launching of the implementation strategy.

‎He described the launch as a bold step, which attests to Governor Makinde’s visionary leadership and understanding that “AfCFTA is not a distant aspiration, but a present day opportunity to unlock prosperity, create employment for young people, for players in the informal sector, for farmers, entrepreneurs and manufacturers in Oyo State.

In his speech, the Chief Host of the event and Acting Governor of Oyo State, Barrister Lawal said the launch of the implementation strategy was a statement of intent and another definitive step to show that the state means business and is ready to be proactive and strategic to external trade policies.

He pointed out the medium, short and long term benefits of the strategy, stating that it will help to create employment, prepare farmers, artisans and entrepreneurs in the state for export and reduce poverty exponentially.

According to him, the strategy will, among other things, improve the export readiness of the state’s Small and Medium Enterprises through training, support for compliance with standards on packaging and certifications and also signal to investors that Oyo State is ready and that it is a good place to invest.

‎Makinde added that the strategy will equally help to focus by identifying priority sectors such as agriculture, manufacturing, and the creative industry, while the state can also devote resources where they will bring the highest returns.

‎Earlier in her welcome address, Special Adviser to Governor Makinde on International Trade and AfCFTA, Ms Neo Theodore Tlhaselo, described the implementation strategy launch as a call to action and a significant signal that Oyo State is open for business locally and across Africa, adding that it also signifies a commitment to sustainable economic growth and that leaves no resident of the state behind.

‎According to her, the launch of the implementation strategy by the state will position it to take full advantage of the immense opportunities, which the AfCFTA, a historic continental trade integration, provides in terms of increasing the state’s production capacity, increasing trade volume and expanding the economy of the state.

‎Tlhaselo, who commended Governor Makinde for his leadership and inspiration in seeing the vision through, explained that the implementation strategy being launched was built around five pillars, namely; the productive capacity and value chain development, the trade facilitation and infrastructure, the market access and export readiness, the finance and investment mobilisation, the institutional framework, and monitoring and evaluation.

She appreciated the AfCFTA Secretary-General for leading the continent into the integration, noting that he is a man with the passion to see that Africa unites and it is able to realise the endeavour of being a single market.

Also in their separate goodwill messages, the Rwanda’s High Commissioner to Nigeria, Christophe Baziwamo and Sierra Leone’s Deputy High Commissioner to Nigeria, Major-General Dauda Fred Alpha, hailed Governor Makinde’s vision and leadership, noting that the AfCFTA implementation strategy launch is a momentous and historic achievement, aimed at fostering greater economic integration in Africa.

According to Bazivamo, the event is “more than a policy launch, but a statement of courage that Oyo State is ready not only to participate in Africa’s future, but to help shape it,” as he added that the strategy required political will and administrative capacity at the state and local levels.

Noting that the AfCFTA is the largest free trade area since the creation of the World Trade Organisation, the Rwanda High Commissioner to Nigeria said: “I commend the visionary leadership of Your Excellency Governor Makinde. By launching this sub-national strategy, you are positioning Oyo State not only as a beneficiary of Africa continental free trade area, but as a contributor to Africa’s integration story.

‎”Other sub-national governments across our continent will surely look to Oyo State as a model. Our continent’s future lies in unity, innovation, and shared progress. Oyo State has taken a bold step forward today. Rwanda is proud to work alongside you on this journey.”

‎Similarly, Sierra Leone’s Deputy High Commissioner maintained that the launch of the AfCFTA implementation strategy will unlock much economic potential for Oyo State, adding that the Republic of Sierra Leone “stands ready to partner with Oyo State on the initiative.”