The Oyo State Government says the African economy stands to realise approximately $3.5 trillion in Gross Domestic Product (GDP) through the effective implementation of the African Continental Free Trade Area (AfCFTA).
The Special Adviser to Gov. Seyi Makinde on International Trade and AfCFTA, Ms Neo Tihaselo, said this at a press briefing on Thursday in Ibadan.
Tihaselo on the occasion announced that the state would officially launch its sub-national AfCFTA Implementation Strategy on Friday in Ibadan.
According to her, the strategy launch will take place at the International Conference Centre, University of Ibadan.
The strategy is aimed at aligning the state’s economic activities with AfCFTA, which she said had the potential to unlock an estimated $3.5 trillion in GDP across Africa.
Tihaselo described the AfCFTA implementation strategy as a statutory and essential instrument that all African states must undertake to harness the benefits of continental trade integration.
According to her, Oyo State strategy seeks to create real and tangible avenues for the success of businesses, communities, and individuals across the state.
“As the state government officially unveils its strategy on Friday, traders, farmers, and all stakeholders are encouraged to tap into the opportunities it presents,” she said.
“It is now up to us as traders to truly take the bull by the horns, accelerate our efforts, and scale up our production to meet the demands and opportunities AfCFTA provides,” Tihaselo added.
She explained that AfCFTA was a legal instrument that had been endorsed by 54 African nations through a voting process.
“54 African nations have been signatory to the legal framework that brings Africa into a single market that brings Africa into an economically integrated unit.
Tihaselo explained that Nigeria, like other African countries, is a signatory to the AfCFTA agreement.
“So, what it means is that Nigeria, as an African state, has signed on to this instrument,” she said.
“Furthermore, the agreement was signed by heads of state, who collectively agreed to establish a single continental market.
“This gave rise to what is now called the African Continental Free Trade Area (AfCFTA).”
She emphasised that AfCFTA was designed to improve the ease of doing business within Africa’s domestic markets, thereby facilitating both exports and imports across member states.
Tihaselo also revealed that the Secretary-General of AfCFTA, Mr Wamkele Mene, along with other high-profile dignitaries, would personally attend the launch event on Friday.
