Lagos: Gov. Babajide Sanwo-Olu of Lagos State has called on the private sector to adopt a more robust and coordinated approach in championing the successful implementation of the African Continental Free Trade Area (AfCFTA). Speaking at the NEPAD Business Group Nigeria High-Level Business Forum in Lagos, Sanwo-Olu emphasized that the agreement is crucial for transforming Africa into a globally competitive economic powerhouse.
According to News Agency of Nigeria, the forum, themed ‘Mobilising Africa’s Private Sector for AfCFTA Towards Africa’s Economic Development Amid Global Uncertainty’, gathered policymakers, business leaders, and development experts from across the continent. Sanwo-Olu, represented by Lagos State Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, highlighted that AfCFTA could lift millions of Africans out of poverty, contingent on the business community’s ability to scale production and integrate value chains across borders.
Sanwo-Olu stressed that while governments can negotiate tariffs and treaties, businesses must lead in production, export, and investment to realize cross-border opportunities. He pointed out that Lagos State continues to foster an enabling business environment through strategic investments in infrastructure, logistics, and technology to enhance productivity and trade efficiency.
The governor also underscored the importance of empowering Small and Medium Enterprises (SMEs), which he described as vital to Africa’s economy. He noted that access to finance, mentorship, and digital tools is essential for their growth, highlighting the efforts of the Lagos State Employment Trust Fund (LSETF) in supporting entrepreneurs with training and funding.
In his goodwill message, Dr. Abdulrashid Yerima, President of the Nigerian Association of Small and Medium Enterprises (NASME), urged African governments to align their policy frameworks with private sector realities to ensure AfCFTA’s success. He emphasized the need for strong business networks and cooperation among business coalitions to enable small enterprises to grow into regional champions.
Mr. Samuel Dossou-Aworet, President of the African Business Roundtable (ABR), also addressed the forum, urging African leaders to fully harness AfCFTA’s opportunities to build inclusive and sustainable economies. He stressed the importance of greater industrialization and investment in human capital to sustain growth and reduce poverty, calling for innovative financing models and trade facilitation mechanisms to improve competitiveness.
The NEPAD Business Group Nigeria convened the forum to strengthen collaboration between public and private sectors in advancing AfCFTA’s goals. Chief J.K. Randle, Chairman of the group, praised the participation of business executives and policymakers, highlighting Africa’s readiness to take charge of its economic future.