Governor Babajide Sanwo-Olu says the state is ready to domesticate the African Continental Free Trade Area (AfCFTA) agreement.

Mr Sanwo-Olu said this on Tuesday when he received the Minister for Industry, Trade and Investment, Niyi Adebayo, on a courtesy visit at the Lagos House, Ikeja.

The minister led the National Action Committee members on nationwide sensitisation on the AfCFTA agreement, which the nation entered into to deepen economic integration among African countries.

He added that Lagos had observed the processes leading to the adoption of the continental trade agreement and positioned itself for market expansion across areas of collaboration.

The governor stated that Lagos was ready to take advantage of the AfCFTA for growth.

He disclosed that the state committee would liaise with the federal government’s committee to streamline the trade agreement with the state’s economic agenda.

Mr Sanwo-Olu said, “I congratulate President Muhammadu Buhari and the leadership of the African Union who worked tirelessly to come to this trade agreement, which is in our continent’s interest.

“As a sub-national player, Lagos has quietly observed and waited for a time when we can take full advantage of the agreement for economic collaboration.

“We are ready to work with the National Action Committee to domesticate the agreement for good outcome. As the commercial centre, we will play a leadership role in the comity of states.”

Mr Sanwo-Olu added that the AfCFTA fitted into Lagos’ economic development blueprint. He said that the state had started to build capacity and put in place requisite services to pave the way for free trade.

Earlier, Mr Adebayo explained that the AfCFTA agreement sought to create a single market for the continent’s goods.

He stated that adopting a multilateral contract would give signatory countries access to a combined GDP of $3.4 trillion.

The minister said, “President Buhari charged the committee to coordinate the activities of public and private sector stakeholders at all levels to undertake interventions to prepare Nigeria for trading under the AfCFTA.

“Since the bulk of Nigeria’s wealth, both natural resources and human talent, are domiciled in the states, it is a matter of necessity to domesticate the trade agreement at the state and grassroots levels.”

(NAN)