…Says move’ll accelerate state’s economic growth, boost livelihood

Oyo State Government will launch its African Continental Free Trade Area (AfCFTA) implementation strategy on Friday as part of Governor Seyi Makinde’s commitment to expanding Oyo State’s economy, boosting trade and improving residents’ livelihoods.

The ‎Special Adviser to Governor Makinde on International Trade and AfCFTA, Ms. Neo Theodore-Tlhaselo, stated this on Thursday, while addressing newsmen during a pre-event press briefing held at the Governor’s Office Briefing Room.

She noted that the launch of the implementation strategy will be a significant milestone in the state’s economic expansion agenda, as, according to her, it will enable the state to explore the opportunities presented by the AfCFTA, a platform that brings 54 countries in Africa into one single market, to attract investments, boost trade and create a conducive business environment.

According to her, the implementation strategy launch will also be historic for Oyo State as the first out of the 591 sub-nationals in Africa to key into the AfCFTA, as the launch follows the AfCFTA consultative forum held by the state in 2024.‎

‎The event, which is to be held at the University of Ibadan, will bring together critical stakeholders such as the Secretary General of AfCFTA African Union, His Excellency Wamkele Mene, officials of the Federal Government of Nigeria and other dignitaries from across the African continent.

‎Noting that the implementation strategy launch will improve the economy of Oyo State, Ms. Tlhaselo said it will demonstrate that the state has domesticated the AfCFTA and that it is aligning its policies and legislation with the pan-African agenda.

She said: “Tomorrow marks a very historical moment not just for Oyo State but for Nigeria and Africa as a whole. You would recall that in December 2024, we hosted what was called the AfCFTA Consultative Forum, and that forum was part of a compliance process in Oyo State, having to embark on an objective of establishing and adopting its domesticated instrument, which is what is called the AfCFTA implementation strategy.

“An AfCFTA implementation strategy is a statutory or compulsory instrument that has to be undertaken by African states. So, I want to bring you to an appreciation of the process within the AfCFTA and why Oyo State has decided to embark on the strategy.

“You will take note that the AfCFTA is the legal instrument that has been cast by 54 African nations, which are signatory to the legal framework that brings Africa into a single market and an economically integrated unit.

“So, what does it mean? It means Nigeria, as an African state, is a signatory to the instrument.

“Following the signatures of the heads of state is then what is called the depositing of the ratification instrument. Now, the deposits there reflect the negotiations that have been done with regard to tariffs, because you will take note that the AfCFTA in its specialty is about exporting and importing amongst African states with a reduced tariff.

“So, the depositing of the instrument means that the states have negotiated their tariffs. Following that is the AfCFTA implementation strategy, which is the third part of the instrumentation of the whole process, where states are now following the agreement, which is the signature and the ratification we are now domesticating.

“This means that the policies of the legislation within a domestic environment are reviewed and aligned with the major framework of the pan-African framework.

“So, these three processes are key and yet the word strategy may seem light in this sense as far as the AfCFTA and the African Union are concerned.

“As to the weight of the strategy, it is not just like any other strategy that can be developed within ministries or any other agency within government setups. It is literally an instrument that carries a lot of weight where you are saying as a government we have now domesticated and we are aligning our policies and legislation with the pan-African agenda.”

The Special Adviser on International Trade and AfCFTA, while explaining the importance of the implementation strategy launch, said Oyo State is the first sub-national in Nigeria and Africa to adopt the strategy, commending Governor Makinde for seeing the state through the process as a result of his commitment to expanding the economy of the state.

She added, “So, Oyo State is the first sub-national in Nigeria and Africa to adopt this strategy. This is a big milestone. You will take note that there are over 591 sub-nationals in Africa. The governor saw us through the process right up to where we are now.

“So this, as I said, is a big milestone, not just because we are the first, but the fact that this is an incredible demonstration of Governor Makinde’s commitment to ensuring that we accelerate Oyo State’s economic standing; we accelerate Oyo State residents’ livelihoods, because that is the bottom line about the AfCFTA.

“We may speak a lot of technical jargon, but at the end of the day, what is the bottom line? The bottom line is the acceleration of Oyo State’s economy and the improvement of the livelihood of Oyo State’s people.”

The press briefing was attended by members of the Technical Working Group of the Oyo State AfCFTA Sub-National Strategy Launch, including Chief Abiola Alli representing the Ibadan Chamber of Commerce; Mr Kunle Olusina (Deputy Chairman); Prince Adebowale Falana; and Mr Adebayo representing OYSIPA, among others.