…Governor says AfCFTA capable of lifting 30 million people out of extreme poverty
The Lagos State Governor, Mr. Babajide Sanwo-Olu has said that he has taken steps to domesticate the African Continental Free Trade Area, AfCFTA agreement in the state with the formal inauguration of the state’s Technical Working Group on the 17th of January, 2023.
Sanwo-Olu who disclosed this at Nigeria’s inaugural shipment under the Guided Trade Initiative, GTI/AfCFTA Framework and ribbon cutting ceremony held in Apapa port in Lagos recently informed that the group had since commenced grassroot sensitization across the 57 Local Governments and Local Council Development Areas of the state starting with a tour of the Vegetable Farms, Araga, an enterprises in Lekki and Lagos Free Zones.
Represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, the governor observed that as industrial, commercial and the economic capital of Nigeria, Lagos State Technical Working Group occupied a pivotal position in the implementation of AfCFTA in Lagos adding that it served as engine that powers the transformative impact of this trade agreement on the local economy.
“We believe that the collective efforts, expertise and commitment of members are crucial in translating the aspirations of AfCFTA into tangible outcomes. I am happy to note that the group is already engendering the interest of our people, driving progress, establishing effective mechanisms and ensuring seamless coordination to harness the full potential of this incredibly historic agreement.
“More so, today’s historic event will further boost the effort of our Technical Working Group and ensure that they can accelerate the operational speed as the State leads others in AfCFTA participation. This is critical to our THEMES development agenda of making Lagos State a 21st century economy”, Sanwo-Olu said.
He continued, “Ladies and gentlemen, permit me to acknowledge the role played by Lagos State in the conceptualization of AfCFTA. It might interest you to know that the trade agreement christened here today is the culmination of the vision set nearly more than 40 years ago in the Lagos plan of action adopted by the African Heads of State in 1980 when Lagos was the Federal Capital of Nigeria.
“This effectively set the tone of Africa’s economic integration as the undertaking that took place in Lagos directly led to the Abuja Treaty establishing the Africa Economic Community, AEC in 1991. And on the 1st of January, 2021, following the ratification of AfCFTA by participating African countries, the agreement came into force.
“As an administration, we are determined to build on this historical landmarks by ensuring that the state stands tall when it comes to preparing and facilitating the participation of businesses located in the state in the AfCFTA region.”
Speaking on the Nigeria’s inaugural shipment under the Guided Trade Initiative, GTI of the African Continental Free Trade Area, AfCFTA, the governor emphasized that the development that this marked a watershed moment in Nigeria’s national effort to establish itself as a leading economic force in Africa.
Noting that Nigeria’s domestic productive capabilities were neglected for a long time in favour of imports, he regretted that
Nigeria was using its hard earned oil revenues to create jobs offshore instead of developing the manufacturing potential of her very vibrant, young and dynamic population.
“But now, AfCFTA as a new trade instrument and regional agreement amongst African countries will promote broad based growth, key for restoring private sector investment in agriculture industry and service sectors. Also, AfCFTA holds a great potential and brings tremendous opportunities to our economy by fostering intra-African trade and economic integration.
“AfCFTA will streamline customs procedures, eliminate barriers that hinder smooth flow of goods and services across borders, increase market access, expand trade opportunities and enhance competitiveness. It truly holds the promise of unlocking the untapped potential of our industries, businesses and entrepreneurs.
“Distinguished guests, by this very first shipment of today, Nigeria has effectively thrown its hat into the ring as a formidable player to watch in the world’s largest free trade area, measured by the number of participating countries with a substantial market of 1.3 billion people and a combined Gross Domestic Product, GDP of $3.4 million according to World Bank report in 2022.
“AfCFTA has the capacity to lift more than 30 million people out of extreme poverty and has a huge potential to transform the African continent. In addition, AfCFTA will enhance the competitiveness of our MSMEs by providing a platform for the integration into the regional economy, provide opportunities to scale production, expand job creation and ensure that we achieve a better reallocation of resources. It will also boost wages for both skilled and unskilled workers and accelerate youth and women empowerment”, the governor added.
While welcoming President Bola Ahmed Tinubu who was represented at the event by the Secretary to the Government of the Federation, Senator George Akume and other distinguished guests, Sanwo-Olu also commended the entire team at the Nigeria AfCFTA Coordination Office ably led by Mr. Olusegun Awolowo for the remarkable job they were doing to ensure Nigeria grows its economy and transforms from one based on export of raw materials to one driven by production and services that would be providing competitiveness in the regional market place through the implementation of AfCFTA.
“Once again, I commend the entire team at the Nigeria AfCFTA Coordination Office and other stakeholders who worked tirelessly to achieve today’s milestone. It is indeed, a good day, and your efforts is a giant leap forward towards the promotion of non oil export and diversification of our nation’s economy”, he concluded.
Photo: Mr. Babajide Sanwo-Olu, the executive Governor of Lagos State.
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