As part of strategic efforts aimed at boosting the state’s economy, Oyo State has hosted a consultative forum of critical stakeholders to explore how the African Continental Free Trade Area (AfCFTA) can unlock significant opportunities for economic growth and development.
The event held on Wednesday, December 18 at the International Conference Center, University of Ibadan, Ibadan.
The forum, which gathered key stakeholders, business leaders, and policymakers, was centered around positioning Oyo State as a strategic economic hub within Nigeria.
In his Address at the event tagged: “Consultative Forum On The Development Of The African Continental Free Trade Area (AfCFTA) Sub-national Implementation Strategy For Oyo State”, the Governor of Oyo State, Seyi Makinde, emphasized the state’s commitment to leveraging its geographical advantages, agricultural potential, industrial base, and entrepreneurial spirit to maximize the benefits of AfCFTA.
The Governor stated that the state hosted the consultative forum on the premise that the government can foresee the significant opportunities that activities around AfCFTA hold for Oyo adding that the state is actively positioning itself as a prime location for regional and continental trade.
The Governor outlined seven key sectors where Oyo State stands to gain from AfCFTA, with agriculture taking center stage.
He disclosed that since 2019, agribusiness has been one of the key drivers of the Oyo State economy, and highlighted the state’s strong agricultural base, which includes cash crops like cocoa, cassava, maize, yams, and cashew nuts among others.
He stressed the need for improvements in farming methods and technology adoption to enhance value addition and increase exports to other African countries.
While stressing on the need for the establishment of agro-processing industries, the Governor announced that the state is already working on constructing agro-industrial hubs.
He stated further that one of such hubs, located in Fasola (Oyo West Local Government Area), was about 90% complete, while another has just commenced in Eruwa (Ibarapa East Local Government Area).
While also welcoming further public-private and development agency partnerships in the state, Makinde said Oyo state was already creating an enabling environment for the orgnaized private sector to thrive.
“We are presently positioning our State as a strategic economic hub in Nigeria. By leveraging our geographical location, agricultural potential, industrial base, and entrepreneurial population, Oyo State can maximise benefits under AfCFTA.
I will be highlighting seven ways that Oyo State can benefit from the African Continental Free Trade Area and I believe that the conversations we will be having at this consultative forum today will be built around these sectors.
“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.
“Oyo State’s proximity to Lagos and its position as a gateway to northern Nigeria makes it ideal for logistics and trade hubs that support AfCFTA-related goods movement. Of course, we also have international borders with the Benin Republic and this puts us in a good position to benefit from international trade and logistics.
“Now, lets talk about the services sector. 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.
“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.
“Number six is tourism and the hospitality sector expansion. Earlier this year, we hosted the first International Tourism Summit here in Oyo State, signalling that Oyo State is ready to develop tourism. As you may already know, we added tourism as a one of the drivers of our economy under Omituntun 2.0.
“By taking advantage of AfCFTA, Oyo State can attract African tourists by showcasing its cultural heritage, historical sites, and natural attractions. Of course, we are right now encouraging more private investors in tourism to choose Oyo State so that we can convert some of these tourist sites to tourism destinations.
“Seventh, we speak on infrastructure. We have done a lot in this regard and are still doing more. Recently, we took on the rehabilitation of the Saki-Iseyin Road – over 80 kilometres. Although it is a so-called federal road, we know it will be beneficial as we embrace AfCFTA. And so, we have taken it up. We have already connected all zones with four completed roads: the 65 kilometres Moniya-Iseyin Road, the 34.85 kilometres Oyo-Iseyin Road, the 38 kilometres Igboora-Igangan-Iganna Road and the 76.67 kilometres Ogbomoso-Iseyin Road, a new road which we renamed the Adebayo Alao-Akala Memorial Highway. We are also reconstructing the 48 kilometres Ido-Eruwa Road.
“We know that improved infrastructure attracts investors, facilitates trade, and boosts the economy. As we say in Oyo State, where roads go development follows. We will continue to upgrade critical infrastructure to ensure we benefit from AfCFTA. Bonus points that can be discussed during this consultative forum are:
Oyo State can position itself as a preferred destination for investors looking to leverage AfCFTA opportunities.
“Oyo State’s educational institutions and skilled workforce can provide technical expertise, labour, and knowledge to other African nations.
“Oyo State can forge partnerships with neighbouring countries like Benin, Togo, and Ghana, capitalising on its agricultural, industrial, and cultural strengths. By strategically aligning our policies and infrastructure with AfCFTA’s objectives, Oyo State can unlock more of its economic potential, increase trade volumes, create jobs, and establish itself as a significant player in regional trade.
And that is what this consultative forum is all about,” Makinde said.
Earlier, Reverend Bunmi JENYO, Osun State Commissioner for Commerce who represented Governor Ademola Adeleke, lauded the leadership of Governor Seyi Makinde not only in Oyo state but the entire South western regionin.
He assured that Osun state would fully align and key into Governor Makinde’s vision in driving regional economic integration through AfCFTA and provide all necessary support for the success of the initiative.
Earlier in their separate presentations, the Commissioner for Trade Industry Investment and Cooperative, Hon. Adeniyi Adebisi, and the Special Adviser On International Trade and AfCFTA, Ms Neo Theodore Tlhaselo, highlighted the significant benefits that can be derived by the state from exploring the AfCFTA and the how the state is strategically positioning itself as an economic hub in Nigeria.
Ms Theodore, in her address, noted that while the Forum was mandatory, it was however not a routine government meeting but a pivotal consultation that will usher into the state the future of economic trade and empowerment at a continental level assuring that the state would explore real and tangible avenues for businesses in Oyo state.
“The AfCFTA is more than a trade agreement, it is a unified market place for trillions of dollars and unprecedented opportunities to reshape the state’s economy and charting a new course for the prosperity of Oyo state as well as the continent of Africa.” Ms Theodore said.
Present at the event were the Deputy Governor, Barrister Bayo Lawal, Chief Judge of Oyo state, Justice Iyabo Yerima, Senator Monsurat Sunmonu, ex two term minister, Chief Mrs. Onikepo Akande, Chairman, Oyo state Elders Advisory Council, Dr Saka Balogun, Elder Wole Oyelese, former deputy governors; Hazeem Gbolarumi and Hameed Gbadamosi as well as Chief Mrs. Mutiat Ladoja.
Others were members of the Oyo state executive council, business leaders, captains of industries, and political stalwarts in Oyo state.