The Oyo State Government will launch its sub-national African Continental Free Trade Area implementation strategy tomorrow (Friday), becoming the first Nigerian state to formally adopt and implement the continental trade framework in Africa.
The Special Adviser to Governor Seyi Makinde on International Trade and AfCFTA, Neo Theodore-Tlhaselo, announced this while briefing newsmen at the Governor’s Office in Ibadan, the state capital, on Thursday.
The African Continental Free Trade Area, established in 2018 and operational since January 2021, is the world’s largest free trade pact by participating countries, uniting 54 African nations into a single market of more than 1.4 billion people with a combined GDP exceeding $3.4 trillion.
Its goal is to boost intra-African trade by reducing tariffs, harmonising trade rules, and encouraging the free movement of goods and services across the continent.
While Nigeria signed the AfCFTA agreement in July 2019, progress on local implementation has been slow, with much of the framework yet to be integrated into state-level economic strategies. https://punchng.com/breaking-buhari-signs-afcfta-agreement-in-niamey/
This makes Oyo State’s initiative historic, as it becomes the first sub-national government in Nigeria to officially launch its AfCFTA implementation programme.
Speaking on the development, Theodore-Tlhaselo explained that the event will bring together key stakeholders, including the Secretary General of AfCFTA, the African Union, Wamkele Mene, representatives from the Federal Government, and other prominent figures across Africa.
She said, ‘This programme will improve trade and economy of the state, aligning with AfCFTA’s vision to make Africa a global economic hub.
’By this launch, Oyo will become the first sub-national entity to achieve this feat, positioning itself as a leader in economic integration and trade facilitation. It will mark a significant milestone in the state’s economic development.
‘By harnessing the opportunities presented by the AfCFTA, this state aims to attract investments, boost trade, and create a conducive business environment’, she explained.
Tlhaselo praised Makinde’s administration for its foresight in placing international trade and economic diversification at the heart of its development agenda.
‘With a population of more than eight million and a dynamic business environment, the state has all the right fundamentals to become a regional trade hub.
‘The Sub-National AfCFTA Programme is aligned with Nigeria’s broader objective of enhancing its trade performance under the continental agreement, which spans 54 countries and a potential market of over 1.4 billion people.
Oyo’s pioneering effort is seen as a model for other states looking to localise the AfCFTA framework and tap into the continent’s vast trade and investment opportunities’, the Special Adviser to the Governor added.
