In a groundbreaking move for sub-national economic planning in Nigeria, Governor Seyi Makinde of Oyo State is set to unveil the state’s official African Continental Free Trade Area (AfCFTA) implementation strategy this Friday.
This initiative makes Oyo the first Nigerian state to formally adopt and operationalize the continental trade framework at a sub-national level, signaling a new era of regional trade leadership.
The announcement was made on Thursday by Neo Theodore-Tlhaselo, Special Adviser to Governor Makinde on International Trade and AfCFTA, during a media briefing at the Governor’s Office in Ibadan.
According to Tlhaselo, the launch event will bring together key stakeholders, including the Secretary-General of AfCFTA, representatives from the African Union, officials from the Federal Government, and prominent trade and business leaders from across Africa.
“This program is designed to significantly improve trade and economic activity within Oyo State, while aligning with AfCFTA’s overarching goal of making Africa a global economic hub,” Tlhaselo said.
“By harnessing the opportunities presented by the AfCFTA, Oyo aims to attract foreign investments, facilitate intra-African trade, and create a more conducive business environment for local enterprises.”
The AfCFTA, operational since January 2021, unites 54 African countries into a single market of more than 1.4 billion people, with a combined GDP exceeding $3.4 trillion.
The framework is intended to boost intra-African trade through tariff reductions, harmonization of trade rules, and the free movement of goods and services across the continent.
While Nigeria signed the AfCFTA agreement in July 2019, implementation at the state level has largely lagged, with much of the policy still awaiting integration into local economic strategies.
Oyo State’s initiative is therefore historic, setting a precedent for other Nigerian states to follow.
“Governor Makinde’s foresight in placing international trade and economic diversification at the heart of his administration’s development agenda cannot be overstated,” Tlhaselo added.
“With a population of over eight million people and a vibrant commercial environment, Oyo has all the fundamentals required to become a regional trade hub under the AfCFTA framework.”
The state’s AfCFTA strategy is expected to focus on several critical areas, including trade facilitation, investment promotion, export expansion, and capacity-building for local businesses.
By leveraging AfCFTA’s platform, Oyo State plans to position itself as a model for economic integration and trade efficiency within Nigeria and the wider West African sub-region.
The initiative also aims to enhance the state’s appeal to investors by simplifying trade processes, ensuring regulatory transparency, and providing incentives for small and medium enterprises (SMEs) to participate in continental trade.
“This program is not just about compliance with continental agreements; it is about actively transforming Oyo’s economic landscape,” Tlhaselo said.
The program will further include workshops, stakeholder engagement sessions, and technical support programs to ensure local businesses understand and can maximize AfCFTA opportunities.
By doing so, the state hopes to increase exports, reduce dependency on imports, and strengthen domestic industries.
Oyo State’s AfCFTA initiative is aligned with Nigeria’s broader goal of enhancing its trade performance under the continental agreement.
The state government anticipates that the strategy will stimulate economic growth, create jobs, and boost tax revenues, all while promoting sustainable development.
“Economic diversification remains a key pillar of our administration,” Tlhaselo said.
“By facilitating trade and attracting foreign investment, we can create jobs, enhance local capacity, and empower youth and women-led enterprises to participate fully in Africa’s growing economic ecosystem.”
The AfCFTA launch in Oyo State is also expected to serve as a blueprint for other Nigerian states considering similar programs.
The state’s pioneering approach demonstrates how sub-national governments can proactively integrate continental trade frameworks into local development strategies, thus contributing to Nigeria’s overall trade competitiveness.
“The Sub-National AfCFTA Program in Oyo is a critical step towards ensuring that Nigerian states are not only beneficiaries of continental trade policies but also active participants in shaping Africa’s economic future,” Tlhaselo emphasized.
Key figures attending the launch include Adebowale Falana, Chairman of the Oyo State Agency for Youth Development; Abiola Alli, Stakeholders’ Coordinator; and Kunle Olushina, Deputy Chairman of the AfCFTA Technical Working Group.
Their participation underscores the inclusive and consultative approach Oyo State has adopted, ensuring that both public and private sector voices are considered in the implementation process.
“The success of this initiative hinges on collaboration between government, business leaders, and civil society,” Tlhaselo noted.
“By involving all stakeholders, we ensure that the strategy is practical, impactful, and sustainable.”
As Oyo State prepares to unveil its AfCFTA strategy, expectations are high that the initiative will mark a turning point in Nigeria’s economic development at the state level.
Experts suggest that this program could accelerate trade, stimulate investment, and position Oyo as a regional hub for commerce and industry.
“This is a milestone not just for Oyo State, but for Nigeria as a whole,” Tlhaselo concluded.
“We hope that other states will take inspiration from Oyo’s proactive approach and join the journey toward Africa’s economic integration and growth.”
With the official launch scheduled for Friday, all eyes will be on Ibadan as Oyo State charts a bold path toward continental trade leadership, setting an example for other sub-national governments across Nigeria and Africa.