The Governor of Lagos State, Babajide Sanwo-Olu has stated that the implementation of the African Continental Free Trade Area (AFCFTA) will open a new vista of opportunities through greater access to new markets and also lead to the creation of more employment opportunities which will also facilitate economic transformation process.
The Lagos Governor disclosed this at the 7th edition of MSME Exclusive Fair on Tuesday in Lagos themed: “Sustainability of MSMEs on AFCFTA Opportunities for Global and Digitalised Economy”
He also revealed that Lagos is designing and implementing policies and programmes that would accelerate the actualization of its goals of sustainable trade, industrial and economic development.
What the governor is saying
Sanwo-Olu stated that the fair gives fulfilment of purpose because “this occasion presents an opportunity for us to celebrate and recognise the contributions of our burgeoning MSMEs sector not only in the States economic growth, but national development.”
“I am delighted to note the milestone that has been achieved over the last six years by participation; as a result of this intervention programme which is aimed at providing a platform for MSMEs.
“It provides a platform to showcase their products and attracts the desired patronages,” he added.
He also said the AfCFTA agreement can play the role of unlocking innovation, growth and productivity across the continent but significantly for its MSMEs segment by translating spending power to economic development.
“This is particularly important when we consider that MSMEs represent about 90% of business and more than 50%of employment worldwide,” he said.
Sanwo-Olu added that the result would be the improved integration of economic and fiscal policies, as well as the breaking down of barriers which pose serious challenges to trade among countries on the continent.
“The agreement will open a new vista of opportunities through greater access to new market and result in higher demand for goods and services which will trigger increased manufacturing capacity.
“It will also lead to the creation of more employment opportunities and also facilitate economic transformation process which will be promoted by competition among industry players.
“The advantages of this agreement are quite enormous with a prospect of growing Africa’s GDP by an additional one trillion dollars. We will take advantage of these emerging opportunities.
“We are designing and implementing policies and programmes that would accelerate the actualisation of our goals of sustainable trade, industrial and economic development,” he said.
In case you missed it
- Nairametrics reported earlier this week that Minister of State for Transportation, Sen. Gbemisola Saraki revealed that for the African Continental Free Trade Agreement (AfCFTA) to thrive, the private sector needs to work with the government on improving transport infrastructure hubs to boost exports through Public, Private Partnership (PPP).