The Oyo State Government said the African economy stands to realise approximately $3.5 trillion in Gross Domestic Product (GDP) through the effective implementation of the African Continental Free Trade Area (AfCFTA).
Special adviser to Governor Seyi Makinde on International Trade and AfCFTA, Ms Neo Tihaselo, said this at a press briefing in Ibadan.
Tihaselo on the occasion announced that the state would officially launch its sub-national AfCFTA Implementation Strategy in Ibadan.
According to her, the strategy launch will take place at the International Conference Centre, University of Ibadan.
The strategy is aimed at aligning the state’s economic activities with AfCFTA, which she said had the potential to unlock an estimated $3.5 trillion in GDP across Africa.
Tihaselo described the AfCFTA implementation strategy as a statutory and essential instrument that all African states must undertake to harness the benefits of continental trade integration.
According to her, Oyo State strategy seeks to create real and tangible avenues for the success of businesses, communities, and individuals across the state.
“As the state government officially unveils its strategy on Friday, traders, farmers, and all stakeholders are encouraged to tap into the opportunities it presents,” she said.
“It is now up to us as traders to truly take the bull by the horns, accelerate our efforts, and scale up our production to meet the demands and opportunities AfCFTA provides,” Tihaselo added.
She explained that AfCFTA was a legal instrument that had been endorsed by 54 African nations through a voting process.
Tihaselo explained that Nigeria, like other African countries, is a signatory to the AfCFTA agreement.
She emphasised that AfCFTA was designed to improve the ease of doing business within Africa’s domestic markets, thereby facilitating both exports and imports across member states.
