By Iyabo Adebisi
Oyo State Governor, Engineer ‘Seyi Makinde, has said that his administration would fully explore the benefits of the African Continental Free Trade Area (AfCFTA) to expand the state’s economy.
The governor stated this at the opening ceremony of the Consultative Forum on the Development of the African Continental Free Trade Area (AfCFTA) Sub-national Implementation Strategy for Oyo State held at the International Conference Center, University of Ibadan.
He said the state would act as a significant player in AfCFTA with a view to unlocking more of its economic potential to provide job opportunities and uplift the people of the state from poverty to prosperity.
The governor added that the Oyo State Government would leverage its geographical location to maximize the benefits of AfCFTA by fostering cordial relationships with other African countries.
Governor Makinde identified seven areas in which the AfCFTA would be beneficial to Oyo State.
Expatiating on the areas, Makinde said: “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.
“This leads us to point number two: facilitating the 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.
“We are open to further private public and development agency partnerships.
“A third way that AfCFTA can benefit Oyo State is in trade and logistics.”
The governor added, “AfCFTA’s liberalisation of services trade can benefit Oyo State’s 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”.
“To do this, we have to position Oyo State as a hub for quality education and healthcare services. So, this is one area we should be paying attention to. As I always say, the best thing we can leave behind after our tenure is institutions for the future. Of course, policies drive institutions.”
According to the governor, “AfCFTA provides opportunities for Small and Medium-sized Enterprises (SMEs) to access larger African markets. And here in Oyo State, we have thousands of SMEs. Some are already trading internationally, but with AfCFTA a lot more can be done. The upside is that this will create more job opportunities for our dear state and contribute to growing our economy.”
In a remark, Chairperson of the technical working committee who also doubles as the Special Adviser, International Trade and African Continental Free Trade Area (AfCFTA), Ms Neo Theodore Tlhaselo, said the Consultative Forum on the Development of the African Continental Free Trade Area (AfCFTA) Sub-national Implementation Strategy for Oyo State is mandatory as set by the AfCFTA.
Secretariat in the crafting of a domesticated AfCFTA strategy to delve into a crucial conversation about future of trade.
She added that the Oyo State Government has a unique comparative advantage that sets it apart from other states through agribusiness, manufacturing, investment, and market expansion which would add more value to the economy of the state.
In his goodwill message, the Osun State Commissioner for Commerce and Industry, Rev’d Bunmi Jenyo, while promising the Osun State Government’s support to the vision, lauded the developmental strides of Governor Makinde in transforming Oyo State and urged the South West states to prioritize and maximize opportunities to invest in manufacturing, harness opportunities in agriculture and tourism.
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