The Lagos State Government is intensifying efforts to establish itself as a dominant player in Africa’s trade landscape, leveraging the opportunities presented by the African Continental Free Trade Area (AfCFTA).
This was disclosed in a statement issued by the State on Sunday.
According to the statement, as part of its strategic moves, the Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, recently chaired a pivotal meeting with the Lagos State Technical Working Group on AfCFTA, demonstrating the State’s commitment to leveraging AfCFTA as a transformative tool for economic growth, job creation, and regional integration.
At the meeting, Mrs. Ambrose-Medebem noted that the AfCFTA represents “the future of trade in Lagos,” and the state is fully prepared to embrace this opportunity.
“With a deliberate focus on building capacity, fostering innovation, and ensuring standardization, Lagos is set to unlock the immense potential of AfCFTA,” she remarked, signaling the government’s proactive stance on driving regional integration and economic growth.
Fostering intra-African trade
The statement further disclosed that discussions during the meeting centered on fostering intra-African trade, with a vision of empowering African businesses and ensuring Lagos takes a leadership role in the continent’s trade revolution.
- The Technical Working Group unveiled a roadmap aimed at harmonizing the state’s trade strategy with AfCFTA goals, focusing on enabling businesses to thrive in an interconnected African market.
- By aligning its policies with the framework of AfCFTA, Lagos is positioning itself to attract investments, boost exports, and create new opportunities for entrepreneurs and workers.
- The state’s government aims to capitalize on its strategic location, robust infrastructure, and innovative ecosystem to make Lagos a preferred trade hub in Africa.
What you should know
The African Continental Free Trade Area (AfCFTA), launched in January 2021, is one of the most ambitious trade initiatives globally.
It aims to eliminate trade barriers, reduce tariffs, and create a single market for goods and services across Africa, comprising over 1.3 billion people and a combined GDP of $3.4 trillion.
- Nigeria, Africa’s largest economy, plays a critical role in AfCFTA’s success. The Nigerian government has made strides to align its trade policies with AfCFTA objectives, including initiatives to boost manufacturing, enhance infrastructure, and promote small and medium enterprises (SMEs).
- Lagos, as Nigeria’s commercial capital, is at the forefront of these efforts, leveraging its industrial base, port facilities, and entrepreneurial spirit to maximize the benefits of AfCFTA.
- As Lagos solidifies its leadership role, the state stands poised to not only drive Nigeria’s participation in AfCFTA but also to shape Africa’s trade narrative, ensuring prosperity for its people and the continent as a whole.
