LAGOS IS CRUCIAL TO AfCFTA IMPLEMENTATION – SANWO-OLU

Lagos State Governor, Babajide Sanwo-Olu has described the State as crucial to the successful implementation of the African Continental Free Trade Agreement, AFCFTA.

Sanwo-Olu stated this at the inaugural shipment under the Guided Trade Initiative (GTI) of AfCFTA framework and ribbon cutting ceremony held at Apapa, Lagos on Tuesday.

In his goodwill message delivered by the State Commissioner for Commerce, Cooperatives, Trade & Investment, Folashade Ambrose-Medebem, the Governor opined that Lagos economic status and the historical connection of AfCFTA to the Lagos Plan of Action adopted by the African Heads of State in 1980 already positioned the State as a great player in the continental agreement.

His word: “As the industrial, commercial and economic capital of Nigeria, Lagos is pivotal to the implementation of AfCFTA as we are poised to serve as the engine that powers the transformative impact of this Trade Agreement on the Nigerian and African economy. This is why the State domesticated the AfCFTA with the inauguration of the State Technical Working Group in 2023, a critical step to achieving our T.H.E.M.E.S Development Agenda of Making Lagos A 21st Century Economy.

“Historically, we also have the responsibility to be at the forefront of the implementation of the continental agreement because the Lagos Plan of Action effectively set the tone for Africa’s economic integration as it led directly to the Abuja Treaty establishing the African Economic Community (AEC) in 1991 and the eventual drafting and ratification of AfCFTA by participating African countries”.

Describing the ceremony as a landmark, Sanwo-Olu remarked that AfCFTA holds great potentials and will bring tremendous opportunities to our economy as it will foster intra-African trade and economic integration, streamline customs procedures, eliminate barriers that hinder the smooth flow of goods and services across borders, increase market access, expand trade opportunities and enhance competitiveness; it holds the promise of unlocking the untapped potentials of our industries, businesses and entrepreneurs, particularly our Micro, Small and Medium Enterprises, MSMEs.

“As an administration, we are determined to build on this potential and historical landmark by ensuring Lagos stands tall in preparing and facilitating the participation of businesses located in the State in the AfCFTA region”, he said.

In his keynote Speech, President Bola Tinubu, represented by the Secretary to the Government of the Federation, Senator George Akume, described the inaugural shipment as a beginning of journey that will flame progress.

“Implementing AfCFTA will not be easy, but we are ready to confront it with uncommon determination, working with all stakeholders to ensure no one is left behind. Through the Renewed Hope Agenda, we will ensure every business, from small to large corporations, participate and benefit from AfCFTA. Today’s business environment does not tolerate complacency but demands businesses to be innovative and strategic. Nigeria is ready to play and win”, he stated.

Secretary-General of AfCFTA, Wankele Mene revealed that 47 countries have signed the AfCFTA Treaty as the continent moves closer to an integrated economy as stated in the Abuja Treaty. “It is gratifying to note that Nigeria, Africa’s largest industrial production base and the largest exporter of digital services in Africa, is taking the desired leadership in AfCFTA implementation and we will continue to support its AfCFTA Coordination Office to further drive the participation of the country in the agreement.

Minister of Marine and Blue Economy, Gboyega Oyetola stated that the blue economy remains a major force in driving Nigeria’s economic diversification and expressed the commitment of his Ministry to exploring various opportunities to the nation’s advantage.

National Coordinator, Nigeria AfCFTA Coordination Office, Olusegun Awolowo stated that with the inaugural shipment under the Guided Trade Initiative (GTI) of AfCFTA Framework and Ribbon Cutting Ceremony, Nigeria transitioned from planning for trade under the agreement to actively enabling our businesses to trade and win.

“Today, having fulfilled all the requirements for accession to the Guided Trade Initiative, we stand as witnesses to the official flag-off of trade under this preferential trading agreement with this symbolic shipment of a container from Apapa ports.

Entrepreneurs whose products were part of the inaugural shipment were presented with the AfCFTA Certificate of Origin.