Oyo State governor, Seyi Makinde, has said that his administration will fully explore the benefits in the African Continental Free Trade Area (AfCFTA) to expand the State’s economy.
The governor stated this on Wednesday 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 in Ibadan.
Governor Makinde said 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.
The governor added that Oyo State Government would leverage its geographical location to maximise the benefits from AfCFTA by fostering cordial relationships with other African countries.
The governor identified seven areas that the AfCFTA would be beneficial to Oyo State.
Expatiating on the areas, Governor 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.
Read also: We’ll attract investment, create enabling environment for trade in Oyo – Makinde
“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.
“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.”
Other benefits identified by the governor are in the area of tourism and infrastructure.
In her presentation on the rationale, role and process for developing Oyo State AfCFTA sub-national strategy and objectives of the consultative forum, Neo Theodore Tihaselo, Chairperson of the technical working committee, 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, economic empowerment and also explore ways to create real tangible avenues for success of businesses, communities and individuals across the State.
Tihaselo, who doubles as the Special Adviser, International Trade and African Continental Free Trade Area (AfCFTA), added that Oyo State Government has a unique comparative advantage that sets it apart from other states through agribusiness, manufacturing, investment, market expansion which would add more value to the economy of the State.
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