“How AfCFTA’ll Unlock Prosperity, Boost Oyo’s Economy,” Secretary-General Speaks

• Oyo state has emerged as the first sub-national government in Africa to launch an implementation strategy for the African Continental Free Trade Area (AfCFTA)
• The historic milestone event took place at the International Conference Centre, University of Ibadan, with the Secretary-General of AfCFTA, Wamkele Mene, and Oyo state’s acting governor, Barr. Abdulraheem Bayo Lawal, in attendance
• At the event, Mene described the initiative as a bold step that positions Oyo state as a model for others across the continent and explained how the strategy would create jobs for young people

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

At the launch of the Oyo State Sub-national Implementation Strategy for the African Continental Free Trade Area (AfCFTA, Secretary General of the continental Trade Agreement, Mr Wamkele Mene, said Oyo State has activated economic prosperity.

Secretary-General of the African Continental Free Trade Area, Wamkele Mene has declared that the AfCFTA will unlock prosperity, create employment and boost the economy of Oyo state.

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.

Oyo maintains its pace-setting role

Oyo State is the only sub-national in Africa to be part of the implementation strategy of the Free Trade Area.

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, Mr 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.

Mr Mene, who praised Governor Makinde’s ingenuity, 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.

“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.”

Mr Mene added that “The AfCFTA Secretariat stands ready to work with you, to support you within our modest means to implement this strategy, to ensure that when we say Oyo State was the first state across the continent to have a sub-national strategy that that does not end as a slogan, that indeed it does become a reality.”

Nigeria’s future economic independence assured – Makinde

In his speech, the Chief Host and Oyo State Governor, Mr Seyi Makinde, 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.

Governor Makinde who spoke through the Acting Governor of the State, Barrister Bayo Lawal, pointed out that the strategy, will help to create employment, prepare farmers, artisans and entrepreneurs in the state for export and reduce poverty on a large scale.

According to him, through training, support for compliance with standards on packaging and certifications and also signal to investors, Oyo State is ready for business.

He said:

“Our gathering here today is not just for show. As of now, no sub-national entity in Nigeria or Africa has formally adopted the domestic strategy to operationalise the AfCFTA Agreement. But today, Oyo State becomes the first of the 591 sub-nationals in Africa to create an AfCFTA Implementation Strategy.

“States control local infrastructure, promote investments, regulate activities within their borders and are responsible for agriculture, SMEs development, standards at the state levels and so on.

“So, what we are doing today is what scholars call para-diplomacy; that is engaging externally on economic matters without signing new treaties. When Nigeria ratifies an international agreement, that agreement becomes binding on the whole country. But, unless states align their policies and prepare their own systems, the benefits will pass them by.

“By our action today, we are preparing Oyo State’s systems; that is, regulations, standards, infrastructure, and institutional readiness and investment incentives such that when the federal provisions apply, we will be ready to benefit.

“Let me assure you that this strategy is legally sound, as it is about domestic alignment, readiness, reforms and business enablement. It is about competence and not competition with the Federal Government.

“Someone may ask; is this another jamboree or what exactly are the benefits for Oyo State? Are there real measurable gains in the short term, in the medium term and in the long term? Let me tell you what this strategy will deliver. In the immediate term, this strategy will improve the export readiness of our Small and Medium Enterprises through training, support for compliance with standards on packaging and certifications.

“It is also a signal to investors to tell them that Oyo State is ready and this is a good place to invest. It will also help to focus by identifying priority sectors such as agriculture, manufacturing, and the creative industry. We can devote resources where they will bring the highest returns.

“People talk about the Port in Lagos as an advantage that drives its economy. Well, this is our own port. With our proximity to the Benin Republic, Oyo State can legally boost cross-border trades, improve logistics infrastructure and create jobs in all support services that go with it.

“In the long term, this strategy will attract foreign direct investments into our priority sectors and give our businesses access to a single African market of about 1.4 billion people and diversify our economy so that we rely less on receipts from oil and more on value-added productions. And, as incomes rise for our farmers, manufacturers and artisans, state revenues will also grow.

A call to Action

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.

She said:

“This launch of this strategy is a call to action. It is a signal that Oyo State is open for business, not just locally, but across Africa. It is a commitment to inclusive, sustainable economic growth that leaves no one behind.”

Diplomats hailed hailed Oyo State for its courage, setting the pace for other sub-national governments

In their 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.

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.

“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.”

Sierra Leone ready to partner Oyo state

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.”

The event had in attendance top diplomats from across Africa and dignitaries from the Federal Government and Oyo State levels, including the Executive Members of the AfCFTA; Development Partners from AfCFTA Secretariat, Ghana; Representatives of the African Development Bank; former Deputy Chairman of the African Union, Monique Nsanzabaganwa; Representative of the Ghanaian High Commissioner to Nigeria; Special Adviser on Communication to President Bola Ahmed Tinubu, Chief Sunday Dare; Chief Judge of Oyo State, Justice Iyabo Yerima who led other judges.

Source: Legit.ng