By Iyabo Adebisi
President Bola Ahmed Tinubu says the country has gazetted the trade and tarriff reforms implementation to boost economy stability and surpluses.
He stated this during the launch of Oyo State Sub-National African Continental Free Trade Area Implementation Strategy held at International Conference Centre, University of Ibadan.
The President who was represented by Special Adviser on Media, Communication and Strategy, Chief Sunday Dare, noted that the initiative signalled gradual return of Nigeria, particularly the southwest of the country to earlier and post-colonial era where local farm products took forefront of the African economy.
President Tinubu while emphasizing that trade and investment is key in re-capturing Africa economy boost,pointed out that the signed trade reforms, tarriffs have been gazetted for implementation every five years.
While lauding Oyo state government for taking the lead among others states, the President stated that there was a dedication to open an air cargo corridor, which would make Nigeria a competitive base for investors looking to scale regionally.
He added that the regional strategy approach is very much in alignment with President Bola Tinubu’s agenda, which places emphasis on trade-led growth, industrialization, and building partnerships that create jobs, strengthen value chains, and accelerate AFCFTA vision.
The Acting Governor of Oyo State, Chief Adebayo Lawal who read Governor Seyi Makinde’s speech said the strategy would assist the state to identify priority sectors such as agriculture,manufacturing, Creative industry to improve the revenue of the state.
Governor Makinde said the state on the medium and long term, would attract foreign direct Investment into priority sectors and give businesses access to single African market of about 1.4 billion people.
Secretary General of AfcFTA,Wamkele Mene maintained that with available opportunities to explore in different of the economy,the strategy would supoort the international trade, provide job and reduce poverty.
High Commissioners from Sierra Leone, and Rwanda to Nigeria noted that the strategy who expressed the readiness of their countries to patner Oyo state government affirmed the strategy would ease import and export access, with surplus jobs, creativity, productivity for Africa and global competitiveness.
Earlier, Special Adviser to Oyo State Governor on International Trade, Neo Theodore Tlhaselo explained that the strategy is built around five key pillars of productive capacity and value chain development; trade facilitation and infrastructure,the market access and export readiness.finance and investment mobilization and the institutional framework, monitoring and evaluation.
AfCTA is the World’s largest free trade area bringing together the 54 countries of the African Union (AU) and eight Regional Economic Communities(RECs).
The overall mandate of the AfCFTA is to create a single continental market with a population of about 1.3 billion people and a combined GDP of approximately 3.5 trillion.
