AfriPulse
In a landmark move set to reshape its economic future, Oyo State has become the first sub-national government not only in Nigeria but across the entire African continent to formally launch an implementation strategy for the African Continental Free Trade Area (AfCFTA).
The feat, described as bold, visionary, and catalytic, was jointly celebrated by the Secretary-General of AfCFTA, Wamkele Mene, and Governor Seyi Makinde, at a high-level event in Ibadan on Friday.
Speaking at the launch of the AfCFTA Implementation Strategy, held at the International Conference Centre of the University of Ibadan, Secretary-General Mene praised Oyo State for setting an unprecedented example of sub-national participation in the AfCFTA framework.
“Oyo State is the first sub-national not only in Nigeria but across the entire continent to develop and launch an implementation strategy for the AfCFTA,” he declared.
He commended Governor Makinde’s foresight in aligning the state’s economic development agenda with the opportunities presented by the AfCFTA, noting that sub-national entities have a critical role to play, one that is complementary to national governments, in driving the agreement’s successful implementation.
Mene emphasised that the next phase would focus on execution, citing trade finance as one of the immediate priorities.
He explained that access to finance will be crucial to transforming the strategy from a policy document into an actionable framework, especially for SMEs, informal traders, and farmers, given the strategy’s focus on agriculture and agro-processing.
Mene also identified industrialisation and the development of special economic zones as key growth areas that could be integrated into AfCFTA’s productive networks, leveraging Oyo’s capacity to engage competitively within the continental market.
“This is a bold and visionary strategy. I believe Governor Makinde’s disposition is that we must execute as soon as possible. Our teams will work together to develop an action plan that will make this a living, breathing strategy,” Mene assured.
Meanwhile, the action Governor of Oyo state, Adebayo Lawal, declared that the strategy marked a major step towards positioning the state as a leading destination for trade, investment, and innovation across Africa.
According to him, the launch was far more than ceremonial, it was a strong declaration of intent, noting, “Oyo State is ready to engage seriously with the AfCFTA framework and to benefit from the opportunities it offers. This is not just a document; it is a commitment to economic transformation.”
Makinde recalled that although Nigeria was initially slow in ratifying the AfCFTA agreement, the country eventually signed in December 2020, depositing the instrument of ratification with the African Union in Addis Ababa.
He, however, noted that until now, no state government in Nigeria, nor any sub-national government on the continent, had taken the bold step of creating a domestic strategy for implementation. Oyo, he said, has now made history by becoming the first.
Anticipating questions on the legal and constitutional framework, the governor clarified that while foreign trade policy and treaty ratification fall under federal jurisdiction, states wield considerable power in economic development, including infrastructure, agriculture, SME support, industrial regulation, and even port activities.
He described the state’s approach as “paradiplomacy,” external economic engagement by sub-national governments without entering into treaties, adding that states must align their internal policies to benefit from federally-ratified agreements like AfCFTA.
“Once a treaty is ratified by the Federal Government, it becomes binding across the country. But unless states align their systems, the benefits will pass them by,” he cautioned.
The governor said that the state is now proactively preparing its institutional frameworks, improving infrastructure, creating investment incentives, and ensuring overall readiness so that when national AfCFTA provisions are fully activated, the state is not left behind.
“This approach is legally sound and economically necessary. It is not in competition with the Federal Government; it is a complement to it,” he said.
Outlining the benefits of the strategy, he stated that in the immediate term, it will improve the export readiness of small and medium-sized enterprises through training, support for certification and packaging, and compliance with international standards as it will also signal strongly to investors that Oyo is open for business.
In the medium term, he said the state will concentrate efforts on priority sectors including agriculture, manufacturing, and the cr
Source: TribuneOnlineNG | Read the Full Story…
