In a historical movement to remodel its economic future, the state of Oyo has become the first subnational government not only in Nigeria but throughout the African continent to formally launch an implementation strategy for the African Continental Free Trade area (AFCFTA).
The feat, described as bold, visionary and catalytic, was held jointly by the Secretary General of AFCFTA, Wamkele Mene and Governor Seyi Makinde, in a high -level event in Ibadan on Friday.
Speaking at the launch of the AFCFTA implementation strategy, held at the International Conference Center of the University of Ibadan, the Secretary General Mene praised the state of Oyo for establishing an unprecedented example of subnational participation in the AFCFTA framework.
“The state of Oyo is the first subnational not only in Nigeria but in the entire continent in developing and launching an implementation strategy for AFCFTA,” he said.
He praised the forecast of Governor Makinde by aligning the State Economic Development Agenda with the opportunities presented by AFCFTA, noting that subnational entities have a fundamental role to play, a complementary one to national governments, to boost the successful implementation of the agreement.
Mene emphasized that the next phase would focus on execution, citing commercial finances as one of the immediate priorities.
He explained that access to finance will be crucial to transform the strategy of a policy document into a processable framework, especially for SMEs, informal merchants and farmers, given the focus of the strategy in agriculture and the processing of Agoleos.
Mene also identified the industrialization and development of special economic zones as key growth areas that could be integrated into AFCFTA productive networks, taking advantage of the ability to hear to participate competitively within the continental market.
“This is a bold and visionary strategy. I think the disposition of Governor Makinde is that we must execute as soon as possible. Our teams will work together to develop an action plan that makes it a living and respiratory strategy,” Mene said.
Meanwhile, the Governor of Action of the State of Oyo, Adebayo Lawal, declared that the strategy marked an important step to position the State as a leading destination for trade, investment and innovation in Africa.
According to him, the launch was much more than ceremonial, it was a strong declaration of intention, pointing out: “The state of Oyo is ready to seriously commit to the AFCFTA framework and benefit from the opportunities it offers. This is not just a document; it is a commitment to economic transformation.”
Makinde recalled that, although Nigeria was initially slow in the ratification of the AFCFTA agreement, the country finally signed in December 2020, depositing the ratification instrument with the African Union in Addis Abeba.
However, he pointed out that until now, no state government in Nigeria, or any subnational government in the continent, had given the bold step of creating a national strategy for implementation. Oyo, he said, has now made history by becoming the first.
Anticipating questions about the legal and constitutional framework, the governor clarified that, although the foreign trade policy and the ratification of the treaty fall under the federal jurisdiction, the states exercise considerable power in economic development, including infrastructure, agriculture, the support of SMEs, industrial regulation and even port activities.
He described the State approach as “paradiplomacy”, external economic commitment to subnational governments without holding treaties, adding that states must align their internal policies to benefit from federal ratified agreements such as AFCFTA.
“Once the Federal Government ratifies a treaty, it becomes binding throughout the country. But unless the states align their systems, the benefits will pass them,” he warned.
The governor said that the State is now proactively preparing its institutional frameworks, improving the infrastructure, creating investment incentives and guaranteeing the general preparation so that when the national provisions of AFCFTA are completely activated, the State is not far behind.
“This approach is legally solid and economically necessary. It is not in competition with the federal government; it is a complement to him,” he said.
When describing the benefits of the strategy, he declared that in the immediate term, the preparation for the export of small and medium enterprises will improve through training, support for certification and packaging, and compliance with international standards, since it will also strongly indicate to investors that hear is open to business.
In the medium term, he said that the State will concentrate efforts in priority sectors, including agriculture, manufacturing and creative industries.
He explained that although the port of Lagos is often cited as a strategic advantage, the proximity of hear to the Republic of Benin offers its own leverage for legal cross -border trade. Plans are being made to strengthen the logistics infrastructure and unlock thousands of new jobs in support services.
In the long term, Makinde said the strategy will help attract direct foreign investments and give local companies access to the market of 1.4 billion people from AFCFTA.
This, he said, would boost economic diversification, reduce the dependence on oil income and stimulate the production of added value in all sectors.
The interim governor also added that as income increases for farmers, artisans and manufacturers, the income generated internally (IGR) of the State will grow.
He cited previous achievements where the State promoted IGR without increasing taxes, achieved demonstrating transparency and using income to finance infrastructure and services.
According to him, these prospective measures will ensure that the state of Oyo remains a center of trade and investment of Western Africa even after its administration ends.
With a solid infrastructure, high standards and strong connectivity, predicted that the State would soon attract the regional headquarters, processing centers and logistics centers, all contributing to sustained economic development.
He said with confidence that this transformation will reduce poverty and inequality throughout the State, as more jobs are created and income becomes more stable.
“We will continue leading with the example, after all, we are the state of Pacesetter,” Makinde said.
Reflecting on his remaining time in office, Makinde said that the great leadership is measured not only by what is achieved while in power, but by the legacy that is left behind.
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“This strategy is a fundamental piece of that legacy. Once policies are in place, institutions are strengthened and mentalities begin to change, progress becomes irreversible.”
“Even if the benefits are fully carried out after our mandate, this launch consolidates our vision and direction,” he said.
Previously in his speech, the Special Advisor of the State Governor of Oyo on International Trade, Neo Theodore Tlhaselo, explained that the strategy is based on five key pillars of productive capacity and the development of the value chain, the facilitation of trade and infrastructure, access to the market and the preparation for exports, the mobilization of finance and investments and the institutional framework, monitoring and evaluation.
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