The Oyo State Government, through Ms. Neo Tihaselo, Special Adviser to Governor Seyi Makinde on International Trade and AfCFTA, has said Africa can make about $3.5 trillion in Gross Domestic Product (GDP) from the effective implementation of the African Continental Free Trade Area (AfCFTA).
Tihaselo explained that AfCFTA, endorsed by 54 African countries including Nigeria, was designed to create a single continental market that would expand trade, open wider markets, and drive economic growth across the continent.
She stated that the agreement provided opportunities for businesses, traders, and farmers to grow beyond local borders while ensuring communities and individuals benefit from continental trade integration.
She added that Oyo State developed its AfCFTA Implementation Strategy to align its economic activities with the framework and unlock opportunities for local stakeholders.
The disclosure was made at a press briefing on Thursday in Ibadan.
She announced that the state would officially launch its AfCFTA Implementation Strategy on Friday at the International Conference Centre, University of Ibadan.
She revealed that the launch would feature the Secretary-General of AfCFTA, Mr. Wamkele Mene, alongside other high-profile dignitaries and key stakeholders.
She further explained that the strategy would serve as a statutory and practical tool to guide businesses on how to scale up production, boost exports, and fully participate in the continental market.
Tihaselo encouraged traders, farmers, and entrepreneurs in Oyo State to take advantage of the agreement by increasing productivity and preparing to meet the demands of regional and continental trade.
It was emphasized that the AfCFTA was not only a legal framework endorsed by African heads of state but also a vehicle designed to enhance the ease of doing business across the continent.
She concluded that with the AfCFTA in force, Nigeria and other African nations would stand to benefit from smoother imports and exports within Africa’s domestic markets, thereby strengthening the continent’s overall economic integration.