The Special Adviser on Public Communications to President Bola Tinubu, Sunday Dare, has said trade and investment are crucial to ensuring that Africa returns to the path of economic growth.

Mr Dare said this on Friday in Ibadan, during the official inauguration of the Oyo State Sub-National African Continental Free Trade Area (AfCFTA) Implementation Strategy.

According to him, it is an era where Africa has departed from rule-based trade and investment to a tariff regime imposed by the West.

He said that Nigeria must leverage on trade and investment, on what it produces, and also develop a value chain that would bring the required revenues to build the nation.

The presidential aide said that the regional strategy approach aligned with President Bola Tinubu’s agenda.

Mr Dare said that Mr Tinubu’s agenda placed emphasis on trade-led growth, industrialisation, and building South-South partnerships that create jobs, strengthen value chains, and accelerate AfCTA vision.

He stated that trade reforms were what Nigeria believes in and the government.

He stated, “And under President Tinubu, trade reforms tariffs have been gazetted while implementation has a five-year mark. There’s a dedication to open an air cargo corridor, which will make Nigeria a competitive base for investors looking to scale regionally. So, the vision of Nigeria connects very strongly with the vision of AfCTA. And we’re glad that Oyo State is taking the lead ahead of all sub-nationals.’’

Mr Dare commended Oyo State Governor, Seyi Makinde, for taking the lead in the effort in inaugurating the sub-national strategy for Africa.

He urged other sub-nationals and state governors in the country to queue up to the initiative.

Mr Dare noted that Mr Tinubu repeatedly said that national development was strongly anchored on the efforts and support of sub-regionals.

He added, “That no matter how well-crafted the policies and initiatives of government are, without the sub-nationals passing such policies and initiatives down to the grassroots, it will not, or they will not succeed.’’

In his address, Mr Makinde said that the sub-national AfCFTA implementation strategy.

would assist the state to identify priority sectors such as agriculture, manufacturing and the creative industry to improve the state revenue.

Mr Makinde, whose speech was read by his deputy, Bayo Lawal, who is currently acting governor, said that the initiative would attract foreign direct investment into priority sectors on a medium and long terms.

He said that it would equally provide business access to single African market of about 1.4 billion people.

In his remarks, the Secretary General of AfCFTA, Wamkele Mene, said the initiative had numerous opportunities.

Mr Mene said the strategy would enhance the international trade, provide jobs and reduce poverty.

The Special Adviser to Governor Makinde on International Trade and AfCFTA, Neo Tlhaselo, said the strategy was sought to be aligned with the national AfCFTA framework.

Ms Tlhaselo said the initiative was also deeply grounded in the unique economic realities, strengths and aspirations of the people.

She said that the strategy was built around five key pillars: “namely the productive capacity, value chain development, the trade facilitation and infrastructure. Others are the market access and export readiness, the finance and investment mobilisation, and lastly, the institutional framework, monitoring and evaluation.”

The AfCTA is the world’s largest free trade area bringing together the 54 countries of the African Union and eight regional economic communities.

The overall mandate of the AfCFTA is to create a single continental market with a population of about 1.3 billion people and a combined GDP of approximately 3.5 trillion.

The AfCFTA is one of the flagship projects of agenda 2063: The Africa We Want, the African Union’s long-term development strategy for transforming the continent into a global powerhouse.

As part of its mandate, the AfCFTA is to eliminate trade barriers and boost intra-Africa trade.

In particular, it is to advance trade in value-added production across all service sectors of the African economy. The AfCFTA will contribute to the establishment of regional value chains in Africa, enabling investment and job creation.

The practical implementation of the AfCFTA has the potential to foster industrialisation, job creation, and investment, thus enhancing the competitiveness of Africa in the medium to long term.

(NAN)