Lagos state strategizes to steer Nigeria’s AfCFTA agenda 

The Lagos State Authorities is intensifying efforts to ascertain itself as a dominant participant in Africa’s commerce panorama, leveraging the alternatives introduced by the African Continental Free Commerce Space (AfCFTA).

This was disclosed in a press release issued by the State on Sunday.

In line with the assertion, as a part of its strategic strikes, the Commissioner for Commerce, Cooperatives, Commerce, and Funding, Mrs. Folashade Ambrose-Medebem, just lately chaired a pivotal assembly with the Lagos State Technical Working Group on AfCFTA, demonstrating the State’s dedication to leveraging AfCFTA as a transformative instrument for financial progress, job creation, and regional integration.

On the assembly, Mrs. Ambrose-Medebem famous that the AfCFTA represents “the way forward for commerce in Lagos,” and the state is totally ready to embrace this chance.

“With a deliberate concentrate on constructing capability, fostering innovation, and making certain standardization, Lagos is ready to unlock the immense potential of AfCFTA,” she remarked, signaling the federal government’s proactive stance on driving regional integration and financial progress.

Fostering intra-African commerce 

The assertion additional disclosed that discussions through the assembly centered on fostering intra-African commerce, with a imaginative and prescient of empowering African companies and making certain Lagos takes a management position within the continent’s commerce revolution.

• The Technical Working Group unveiled a roadmap aimed toward harmonizing the state’s commerce technique with AfCFTA targets, specializing in enabling companies to thrive in an interconnected African market.
• By aligning its insurance policies with the framework of AfCFTA, Lagos is positioning itself to draw investments, enhance exports, and create new alternatives for entrepreneurs and employees.
• The state’s authorities goals to capitalize on its strategic location, sturdy infrastructure, and progressive ecosystem to make Lagos a most well-liked commerce hub in Africa.

What it’s best to know 

The African Continental Free Commerce Space (AfCFTA), launched in January 2021, is among the most bold commerce initiatives globally.

It goals to remove commerce obstacles, cut back tariffs, and create a single marketplace for items and providers throughout Africa, comprising over 1.3 billion folks and a mixed GDP of $3.4 trillion.

• Nigeria, Africa’s largest financial system, performs a crucial position in AfCFTA’s success. The Nigerian authorities has made strides to align its commerce insurance policies with AfCFTA targets, together with initiatives to spice up manufacturing, improve infrastructure, and promote small and medium enterprises (SMEs).
• Lagos, as Nigeria’s business capital, is on the forefront of those efforts, leveraging its industrial base, port services, and entrepreneurial spirit to maximise the advantages of AfCFTA.
• As Lagos solidifies its management position, the state stands poised to not solely drive Nigeria’s participation in AfCFTA but in addition to form Africa’s commerce narrative, making certain prosperity for its folks and the continent as an entire.