Oyo’ll Explore AfCTA’s Benefits To Expand Economy — Makinde

Oyo State Governor, Engr. ‘Seyi Makinde has assured that his administration will fully explore the benefits of the African Continental Free Trade Area (AfCTA) to expand the state’s economy.

Governor Makinde gave the assurance on Wednesday at the opening ceremony of the Consultative Forum on the Development of the AfCFTA Sub-national Implementation Strategy for Oyo State held at the University of Ibadan.

Makinde stressed that the state would act as a significant player in AfCFTA with a view to unlocking more of its economic potentials to provide job opportunities and uplift the people of the state from poverty to prosperity.

He added that the state government would leverage its geographical location to maximise the benefits from AfCFTA by fostering cordial relationships with other African countries.

“Since 2019, agribusiness has been one of the key drivers of the Oyo State economy. With cash crops like cocoa, cassava, maize, yams, and cashew nuts. We have agricultural produce that we can export to other African countries. We still have work to do in improving farming methods and adopting technology for value addition.”

He added that AfCFTA will also help in facilitating establishment of agro-processing industries to convert these raw produce into high-value exports.

“I must say that this is the route that we have chosen here in Oyo State. We have made it one of our key policies to create an enabling environment for the private sector to thrive. Presently, we are working on constructing agro-industrial hubs.

“One at Fasola, in Oyo West Local Government Area, which is about 90% complete and the other, which we just started at Eruwa in Ibarapa East Local Government Area.”

The governor added that the state was open to further private public and development agency partnerships.

He added that Oyo State will benefit through liberalisation of services in education, healthcare, and ICT sectors. “Also, taking advantage of our international border, we can attract students, medical tourists, and tech-based businesses from neighbouring countries.”

He added that AfCFTA provides opportunities for Small and Medium-sized Enterprises (SMEs) to access larger African markets which are in their thousands in the state.

Makinde assured that the state will also take the advantage of the AfCFTA in the areas of tourism and infrastructure.

In her opening remarks, chairperson of the Technical Working Committee who also doubles as the Special Adviser to the Governor on International Trade and AfCFTA, Ms Neo Theodore Tlhaselo, said the state government had a unique comparative advantage that sets it apart from other states through agribusiness, manufacturing, investment, market expansion which would add more value to its economy.

Osun State Commissioner for Commerce and Industry, Rev’d Bunmi Jenyo, while promising his state’s support to the vision, lauded the developmental strides of Governor Makinde in transforming Oyo State and urged other South-West states to prioritise and maximise opportunities to invest in manufacturing, harness opportunities in agriculture and tourism, increase employment opportunities and cultural exchange among other countries.

Also in their separate goodwill messages, the executive Director/Chief Executive Officer, Nigerian Export Promotion Council, Mrs Nonye Ayeni, represented by the southwest regional coordinator, Mr Ganiyu Gbolagade, and Dr Daniel Gbadero, representing the Organized Private Sector (OPS), noted that the project would boost trade, foster economic growth and accelerate development.

Earlier in his welcome address, the state’s Commissioner For Trade, Industry, Investment and Cooperative, Mr Adeniyi Adebisi, noted that the essence of AfCFTA was to eliminate trade barriers and accelerate the intra African trade position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations.

Adebisi added that the project presents an opportunity for Oyo State to promote socio-economic growth development, reduce poverty and broaden its economic inclusion.

He also assured that the committee would leave no stone unturned in ensuring a conducive environment for trading activities in Oyo State.