Economy

We will explore benefits of African Continental Free Trade Area – Oyo Govt.

By Web News 346

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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Economy

Take Advantage Of Afcfta: Osinbajo Advises Nigerian Exporters

By Web News 819

The Federal Government will continue to support Nigerian exporters through its various agencies bringing about necessary reforms to boost the growth of the country’s non-oil exports, according to Vice President Yemi Osinbajo, SAN.

Professor Osinbajo also urged exporters to take advantage of opportunities for growth in the African market through the African Continental Free Trade Area, AfCFTA.

The Vice President stated this on Wednesday when he received at the Presidential Villa, a delegation of major agro-exporters in the country.

The delegation came with the CEO/Executive Director of the Nigeria Export Promotion Council, Mr. Segun Awolowo who formally developed a Zero-Oil Plan designed to move Nigeria away from being an oil-dependent economy.

Highlighting the approval of the National Development Plan on Wednesday by the Federal Executive Council, the VP stated that “one of the major components of that Plan is that we are trying to move away as much as possible from our dependence on oil and gas proceeds as our major sources of foreign exchange. You have seen a trend towards that in revenue figures.”

He further said, “we believe attention needs to be paid to exports generally. Of all the various plans of government that we have, one of the critical things for us now is that we all know that we are moving away very quickly from oil.”

Noting that Nigeria is a principal player in the AfCFTA agreements, the VP stated that Nigerian exporters and businesses can be major beneficiaries of the Agreements.

“For us economically, beginning now, we cannot afford to have a situation where for any reason at all, an area of competitive advantage for us which is agro-export suffers in any way on account of something we can help. Anything we can do, there shouldn’t be a cause for any kind of hindrance to agro-export,” he said.

On support for agro-exports, Prof. Osinbajo stated that government agencies will continue to explore measures to boost exports and improve the economy generally, even as he noted that “agro exporters here are the end-users of the services of government”

He further noted that “most of the government agencies here have already worked with us in the Presidential Enabling Business Environment Council (PEBEC) (which the VP chairs). As members of PEBEC, we already know what government’s intentions and desires are and we are not averse to criticisms or comments coming from the end-users of government services.

“We should be able to have a robust, free and frank conversation so that we can take steps to remedy whatever needs to be remedied so that we can achieve something for our country and people.”

In his remarks, the Executive Director of Nigeria Export Promotion Council, NEPC, Mr. Awolowo, commended the Federal Government for its efforts and giving credence to non-oil exports in the National Development Plan, even as he said the country could no longer rely on oil as its major foreign exchange earner.

“This meeting is crucial and the exporters are delighted that we have raised it to this level. This shows the government is listening and ready to answer us,” he stated.

In the same vein, the presidential Special Adviser on Ease of Doing Business, Dr. Jumoke Oduwole, highlighted efforts by government to tackle challenges and improve the business environment, such as automation of processes and single window interfaces as it affects trading in and out of the country.

Similarly, the Acting MD, Nigeria Ports Authority, Mr Mohammed Bello-Koko, spoke on efforts by the NPA to tackle issues related to export trade and further boost the country’s exports.

Bello-Koko noted that “with the call-up system, special concessions are given to export containers as long as they are good to go, which means the shipping company is ready to accept the container and documentation is complete and ready.”

He also mentioned that NPA is “working with Nigeria Export Promotion Council to create export processing terminals, about 10 in Lagos and about 5 in Ogun.”

In their remarks, the agro-exporters thanked the VP for the opportunity to interact with him and the efforts by government towards finding solutions to their business challenges, including the issues with delays at the ports, as well as charges from shipping lines that encumber exports. They also called for fast-tracking for the shipment of perishable items out of the country.

Senior government officials at the meeting included the Minister of Finance, Zainab Ahmed; Minister of Industry, Trade and Investment, Otunba Niyi Adebayo; Minister of State for Industry, Trade and Investment, Ambassador Mariam Katagum; Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu; as well as representatives of the Federal Airports Authority of Nigeria (FAAN) and the Nigeria Customs Service.

Members of the delegation made up of leading exporters in the country include Chairman of Starlink Global Nigeria Ltd, Alhaji Adeyemi Adeniji; Managing Director of Grafil Farms Limited, Dr. Forster E. Ihejiofor; CEO of AJ’s Nigeria Limited, Mr John Oshevire and Chairman of Omonide Farms Limited, Mr Olumide Olayomi.

Adewumi Faniran