IT is no longer news that all the 33 local government areas of Oyo State are endowed with abundant natural resources that are capable of making it the business/economic hubs of the country, if properly harnessed.
This formed the basis of Omituntun 1.0 and 2.0 led administration of Governor Seyi Makinde huge investment in infrastructure and other sectors of the economy.
With his various economic policies, the state will no longer be seeing as the political capital of the country but also economic hubs as all the natural resources will be rightly harnessed for the benefits of not only producing communities but the entire nation as well.
The governor recently unfolded his plan to key into the various opportunities provided by the African Continental Free Trade Area (AfCFTA) which is aimed at liberalizing not just trade in goods, but also in services and to facilitate intra Africa investment.
His plan is to redefine the economic landscape of the state as well positioning it as number one in intra-African trade.
To drive home his economic agenda, the governor in his remarks at the Consultative Forum on the Development of the AfCFTA Sub-national Implementation Strategy, at the International Conference Centre at the University of Ibadan articulated a bold vision that promises to unlock unprecedented opportunities for growth and prosperity.
He submitted that the gathering is not just a meeting but a pivotal consultation aimed at shaping the future of our economy,” Makinde submitted that the geographical location of Oyo State put it at vantage position to benefit immensely from the various advantages put forward by AfCTA.
The governor while highlighting the advantages at the Forum state that it would foster beneficial relationships with neighbouring nations.
“We are uniquely positioned to become an economic powerhouse, attracting trade and investment like never before,” he declared, igniting a sense of opportunity among the attendees.”
Agribusiness: A cornerstone of growth
Recognising agribusiness as a cornerstone of Oyo State’s economy, Makinde passionately spoke about the state’s abundant resources: “Since 2019, our agricultural sector has flourished. With cash crops such as cocoa, cassava, maize, yams, and cashew nuts, we are well-positioned to export our products across Africa,” he stated, showcasing the potential for growth in this critical sector.
The governor emphasised the importance of modernising farming techniques and adopting new technologies to enhance productivity and value addition.
He announced significant projects aimed at bolstering ths sector, including the agro-industial hub in Fashola, which is nearing completion, and a new hub in Eruwa designed to foster public-private partnerships.
“These initiatives will not only increase our agricultural output but also create jobs but and stimulate local economies,’ he aserted, highlighting the multi-faceted benefit of these developments.
Education and healthcare
Beyond agribusiness, Makinde’s vision extends to education, healthcare, and the ICT sectors. He articulated how the liberalization of services under the AfCFTA could enhance these areas in Oyo State.
“By capitalising on our international borders, we can attract students, medical tourists,
and tech businesses from neighboring countries,” he explained, showcasing a comprehensive strategy for economic growth that leverages the state’s unique advantages.
The potential for educational institutions to become hubs for regional learning and innovation was a focal point of his address. Makinde envisions Oyo State not just as a participant in the AfCFTA but as a leader in educational excellence, attracting talent from across West Africa.
Empowering SMEs for economic growth Governor Makinde also recognised the vast potential for small and medium-sized enterprises (SMEs) to thrive under the AfCFTA framework.
“Many local SMEs are already trading internationally, and this will create additional job opportunities and stimulate economic growth, he asserted.
His commitment to empowering local entrepreneurs resonated deeply with attendees, many of whom are eager to expand their businesses into broader African markets.
The governor’s administration is actively working to create an enabling environment for SMEs, including providing access to financing and technical support.
“We are committed to ensuring that our local businesses are not left behind in this economic transformation,” he emphasised, inviting stakeholders to collaborate in fostering a vibrant entrepreneurial ecosystem.
Tourism and infrastructure development Tourism and infrastructure development also emerged as critical areas for benefiting from the AfCFTA. Makinde highlighted the need for strategic investments that enhance Oyo State’s appeal as a destination for both business and leisure.
“We have rich cultural heritage and natural beauty that can attract visitors from around Africa,” he stated, urging stakeholders to capitalize on these assets to boost the tourism sector.
The governor’s vision includes improving transport infrastructure, which will facilitate easier movement of goods and people, further integrating Oyo State into the continental economy.
“A robust infrastructure network is essential for maximizing our trade potential,” he noted, emphasising the importance of strategic planning in this regard.
Data-driven decision making
The commitment to data-driven decision-making was a recurring theme in the forum.
The governor emphasized the importance of evidence-based strategies that align with both national objectives and local needs.
We need a clear implementation plan with defined responsibilities and timelines to track our progress,” Makinde stated, underscoring the need for accountability and transparency in the process.
A unified vision
In her opening address, Ms. Neo Theodore TIhaselo, the Special Adviser on International Trade, passionately echoed the governor’s sentiments. She stressed the importance of developing a tailored AfCFTA strategy for Oyo State, urging all stakeholders to rally behind Makinde’s vision for a stronger economy.
“We must work together to ensure that Oyo State capitalises on the unique advantages we have in agribusiness, manutacturing, and investment,” she declared, fostering a spirit of collaboration among the participants.
In her speech, Thaselo noted that the AfCFTA’s liberalization of services could significantly enhance the quality and accessibility of education and healthcare in Oyo State. “Education is the bedrock of any successful economy.”
“We must cultivate an environment where educational institutions can thrive and attract international students. This influx will not only enrich our academic landscape but also contribute to the development of a skilled workforce that can drive innovation and economic growth.”
She also highlighted the potential for healthcare services to benefit from the AfCFTA, emphasising the importance of attracting medical tourists.
“By improving our healthcare infrastructure and services, we can position Oyo State as a destination for quality medical care, drawing patients from across Africa and beyond,” she asserted, reinforcing the interconnectedness of health and economic prosperity.
The Oyo State Commissioner for Trade, Industry, Investment, and Cooperatives, Mr. Adeniyi Adebisi, reinforced this by stating that the AfCFTA aims to eliminate trade barriers, enhancing intra-African trade and presenting Oyo State with a golden opportunity for socio-economic growth.
“We must leverage this framework to empower our SMEs, allowing them compete on a larger scale,” he emphasised, urging stakeholders to collaborate in creating a supportive ecosystem for local businesses.
In his address welcome, Adebisi elaborated on the historical context of the AfCFTA, noting that it came into force on May 30, 2019, with the objective of boosting intra-African trade and promoting socioeconomic growth across the continent.
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“The AfCFTA is not just about eliminating tariffs; it’s about creating a unified market that allows us to trade freely and efficiently. This is an opportunity to broaden our economic base, reduce poverty, and enhance the quality of life for our citizens.” Goodwill messages flowed in from various dignitaries, including Rev’d Bunmi Jenyo, Osun State Commissioner for Commerce and Industry.
He praised Makinde’s developmental strides and the collaborative spirit necessary to maximize opportunities in manufacturing, agriculture, and tourism.
The road ahead The forum’s objectives were clear: fostering understanding and dialogue, gathering local insights, and establishing a collaborative ecosystem.
Under Makinde’s leadership, the government is committed to ensuring that the AfCFTA strategy is responsive to local needs. Stakeholders were encouraged to share their experiences and contribute to the development of a tailored approach that reflects Oyo State’s unique context.
