The Governor of Oyo State has expressed the state’s ambition to become a leading hub for trade within Africa. At a recent conference in Ethiopia, the governor highlighted the state’s strategic location, thriving agricultural industry, and growing industrial sector as factors that could position it as a key player in intra-African trade.
Emphasizing the opportunities presented by the African Continental Free Trade Area (AfCFTA), the governor’s representative outlined the state’s efforts to leverage this agreement for growth and innovation. By focusing on active engagement, strategic planning, and collaboration with national and regional partners, Oyo State aims to capitalize on the potential benefits of AfCFTA.
Acknowledging the challenges faced by sub-national governments like Oyo in fully participating in AfCFTA, the governor mentioned ongoing initiatives to address these barriers. These efforts include streamlining customs procedures, improving infrastructure, and enhancing regulatory alignment to facilitate smoother trade routes and eliminate non-tariff barriers.
Furthermore, the governor announced plans to establish a dedicated desk for AfCFTA-related opportunities, particularly for small and medium-scale enterprises. By investing in agribusiness development and upgrading infrastructure, Oyo State aims to transform its agricultural products into high-value exports that meet the demands of AfCFTA, thereby boosting revenue, creating jobs, and fostering economic growth.
In conclusion, the governor stressed the importance of public-private partnerships to attract investments and accelerate infrastructure development. By collaborating with both domestic and foreign investors, Oyo State aims to create a conducive environment for businesses to thrive under AfCFTA and contribute to sustainable economic development.