In a bold proclamation that echoed through the halls of the 2024 Prosperity Africa Conference in Addis Ababa, Ethiopia, Oyo State Governor Seyi Makinde announced his state’s ambitious plans to transform into a pivotal hub for intra-African trade. The governor’s statement, delivered on September 29, 2024, underscores Oyo’s strategic positioning to capitalize on the opportunities presented by the African Continental Free Trade Area (AfCFTA).
As the Ethiopian sun rose over Addis Ababa’s skyline, delegates from across the continent gathered at the prestigious conference center, eager to discuss the future of African prosperity. At precisely 10:30 AM East African Time, Governor Makinde’s representative, Chief of Staff Segun Ogunwuyi, took the stage to deliver a speech that would position Oyo State at the forefront of Nigeria’s economic transformation.
“I do not see AfCFTA as a trade agreement; I see it as a transformative agenda aimed at reshaping Africa’s economic landscape,” Ogunwuyi declared, his words resonating with the assembled dignitaries. “For sub-national governments like Oyo State, this is a great opportunity.”
Governor Makinde’s vision for Oyo State rests on several key pillars:
- Geographic Advantage: Located in Nigeria’s southwest, Oyo serves as a natural gateway for trade.
- Agricultural Powerhouse: The state’s robust agricultural sector positions it as a key player in food security and export.
- Emerging Industrial Sectors: Oyo’s growing industries provide a diverse economic base.
To leverage these advantages, the state government has implemented several initiatives:
- Establishment of a one-stop shop within the state Investment and Public Private Partnership Agency to streamline approvals for trade.
- Significant investments in upgrading road networks and developing rail links.
- Creation of a dedicated desk for AfCFTA-related opportunities, focusing on small and medium-scale enterprises.
Despite its potential, Oyo State faces significant challenges in fully participating in intra-African trade. Governor Makinde’s administration has identified three primary barriers:
- Bureaucratic customs procedures
- Infrastructure deficits in transport and logistics networks
- Non-tariff barriers
To address these issues, the state is taking proactive measures. “We are committed to upgrading road networks, developing rail links, and investing in energy infrastructure to support the free flow of goods across West Africa,” Ogunwuyi stated, drawing nods of approval from the audience.
One of the most exciting aspects of Oyo’s strategy is its focus on agribusiness development. The state has rehabilitated the once-moribund Fasola Livestock Settlement, now renamed the Fasola Agribusiness Industrial Hub.
“Presently, we have… processing facilities for cassava, dairy and tomatoes,” Ogunwuyi explained. “AfCFTA allows us to tap into regional markets that value our agricultural outputs.”
This initiative not only increases the state’s revenue but also creates jobs and drives sustainable economic development.
Recognizing the need for rapid infrastructure development, Oyo State is actively seeking partnerships with both domestic and foreign investors.
“We are building frameworks for public-private partnerships to attract investments that will accelerate the development of necessary infrastructure, particularly in transportation and logistics,” Ogunwuyi announced, sparking interest among potential investors in the audience.
As the speech concluded, the conference hall buzzed with excitement. Dr. Akinwumi Adesina, President of the African Development Bank, who was in attendance, commented, “Oyo State’s approach is exactly what we need to see across Africa. It’s a model of how sub-national governments can drive continental integration.”
Local business owners in Oyo State are equally enthusiastic. Adebayo Ogunlesi, CEO of Ibadan-based export company Green Horizons, told this reporter, “If the government can deliver on these promises, it will open up enormous opportunities for businesses like mine. We’re ready to take on the African market.”
While the vision is ambitious, challenges remain. Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, cautioned, “Implementation will be key. States like Oyo must work closely with federal authorities to ensure alignment with national trade policies.”
As the conference in Addis Ababa wound down, with delegates from across Africa networking and discussing potential collaborations, the buzz around Oyo State’s presentation remained palpable. Governor Makinde’s vision for transforming the state into an intra-African trade hub had clearly struck a chord.
The coming months and years will be crucial in determining whether this vision can become a reality. With its strategic location, agricultural strength, and forward-thinking policies, Oyo State seems well-positioned to play a significant role in the new era of African trade integration.
As night fell over Addis Ababa, with the conference center emptying and delegates heading to their hotels, one thing was clear: Oyo State had put itself on the map as a potential leader in Nigeria’s economic future. The eyes of Africa, and indeed the world, will be watching closely to see if this southwestern Nigerian state can truly become the hub of intra-African trade it aspires to be.
