Oyo State launches AfCFTA implementation strategy – first of 591 sub-nationals in Africa – to boost trade, investment, and livelihoods.

The Oyo State Government has launched its African Continental Free Trade Area (AfCFTA) implementation strategy, in what officials describe as a landmark step by Governor ‘Seyi Makinde to expand the state’s economy, boost trade and improve livelihoods.

Special Adviser to Governor Makinde on International Trade and AfCFTA, Ms. Neo Theodore-Tlhaselo, who addressed journalists on Thursday at the Governor’s Office, said the event would mark a significant milestone in the state’s economic agenda.

She explained that the implementation strategy would enable Oyo State to fully explore opportunities presented by the AfCFTA, a platform uniting 54 African countries into a single market, with the potential to attract investments, enhance trade and create a more conducive business environment.

According to her, Oyo State would become the first of Africa’s 591 sub-national governments to adopt an AfCFTA implementation strategy, following the consultative forum hosted by the state in 2024.

“Tomorrow marks a very historical moment not just for Oyo State but for Nigeria and Africa as a whole. You would recall that in December 2024, we hosted what was called the AfCFTA Consultative Forum and that forum was part of a compliance process in Oyo State, having to embark on an objective of it having to establish and adopt its domesticated instrument, which is what is called the AfCFTA implementation strategy,” she said.

Ms. Theodore-Tlhaselo explained that the AfCFTA process involves three critical steps: signature of the agreement, ratification, and then the adoption of an implementation strategy.

“An AfCFTA implementation strategy is a statutory or compulsory instrument that has to be undertaken by African states. So, I want to bring you to an appreciation of the process within the AfCFTA and why Oyo State has decided to embark on the strategy.

“You will take note that the AfCFTA is the legal instrument that has been cast by 54 African nations; which are signatory to the legal framework that brings Africa into a single market and an economically integrated unit. So, what does it mean? It means Nigeria as an African state is a signatory to the instrument.

“Following the signatures of the heads of states is then what is called the depositing of the ratification instrument. Now, the deposits there reflect the negotiations that have been done with regards to tariffs, because you will take note that the AfCFTA in its specialty is about exporting and importing amongst African states with a reduced tariff.

“So, the depositing of the instrument means that the states have negotiated their tariffs. Following that is then the AfCFTA implementation strategy, which is the third part of the instrumentation of the whole process where states are now following the agreement, which is the signature and the ratification we now are domesticating.

“This means that the policies of the legislation within a domestic environment are reviewed and aligned to the major framework of the major pan-African framework. So, these three processes are key and yet the word strategy may seem light in this sense as far as the AfCFTA and the African Union is concerned.

“As to the weight of the strategy, it is not just like any other strategies that can be developed within ministries or whatever agency within government setups. It is literally an instrument that carries a lot of weight where you are saying as a government we have now domesticated and we are aligning our policies and legislation with the pan-African agenda.”

The Special Adviser further stressed that Oyo State’s adoption of the strategy was a milestone not only because it was the first in Africa to do so, but also because it reflects Governor Makinde’s commitment to driving economic growth and improving people’s lives.

“So, Oyo State is the first sub-national in Nigeria and Africa to adopt this strategy. This is a big milestone. You will take note that there are over 591 sub-nationals in Africa. The governor saw us through the process right until where we are now.

“So this, as I said, is a big milestone, not just because we are the first, but the fact that this is incredibly a demonstration of Governor Makinde’s commitment to ensuring that we accelerate Oyo State’s economic standing; we accelerate Oyo State residents’ livelihoods, because that is the bottom line about the AfCFTA.

“We may speak a lot of technical jargon, but at the end of the day, what is the bottom line? The bottom line is the acceleration of Oyo State’s economy, and the improvement of the livelihood of Oyo State’s people.”

The launch, scheduled to take place at the University of Ibadan, will attract top stakeholders, including the Secretary General of AfCFTA, His Excellency Wamkele Mene, senior officials of the Federal Government of Nigeria, and dignitaries from across Africa. (ARISE NEWS)