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LAGOS – Lagos State Governor Babajide Sanwo-Olu has described the African Continental Free Trade Area (AfCFTA) as a bold vision that would significantly boost intra-Africa trade, particularly trade in value-added production and trade across all sectors of Africa’s economy by 2063
Sanwo-Olu, who was represented by Mrs. Folashade Ambrose-Medebem, Commissioner, Ministry of Commerce, Cooperatives, Trade & Investments also called on Nigeria and other African countries Private sector operators to recognise the fulfilled ambition of AfCFTA as a strategic tool for reducing trade barriers, expanding markets, and offering value chains room to expand in the Continent.
The Lagos state governor, who made the declarations, while speaking at the NEPAD Business Group Nigeria High Level Business Forum at Eko Hotel and Suites, cautioned that the success of AfCFTA, lies in private sector buy-in, adding that the Governments can negotiate tariffs and treaties, but businesses must produce, export, invest, and believe in cross-border possibilities.
He said: That belief must persist even in the face of global uncertainty: volatile currency, supply chain shocks, regional instability.
“Here in Lagos, we understand the power of private enterprise. From thriving tech ecosystem in Yaba, to our deep-sea port in Lekki, to our industrial zones across the state, we are building an economy that encourages innovation, trade and investment.
“We have created platforms where public policy meets private vision – and where businesses are given the freedom to thrive. Lagos state Government continues to invest in critical infrastructure, improve transport connectivity, strengthen logistics chains, and build the digital backbone that modern trade requires.
“These are not isolated actions; they are deliberate steps to align Lagos with the broader vision of AfCFTA – an Africa that trades more with itself, competes globally, and prospers collectively.
Sanwo-Olu, noted that: “the world today faces constant changes – shifting trade patterns to inflation. Climate concerns, and unpredictable political tensions. These global uncertainties challenge economics everywhere. Yet for Africa, they also present a chance to rethink how we trade, how we produce, and how we build resilience through cooperation.
“The African Continental Free Trade Area, AfCFTA, gives us that platform – a bold vision to unite our markets, remove barriers, and create wealth across the continent.
“But, the success of AfCFTA depends largely on how we mobilise our private sector – the true engine of job creation, Innovation, and productivity.
“To make AfCFTA work in Africa in these uncertain times, we must focus on a few key solutions; Empowering Small and Medium Enterprises (SMEs). They are the heartbeat of Africa’s private sector, they create jobs and sustain communities, and therefore, to empower them, we must improve access to finance, mentorship, and technology. Lagos has been championing this through initiatives like Lagos the State Employment Trust Fund (LSETF), which provides capital and training to entrepreneurs. Scaling such initiatives across Africa will help SMEs benefit directly from AfCFTA.
He specifically said: “Digital trade, e-commerce and fintech are changing how business is done. Africa must embrace technology to simplify cross-border transactions and improve efficiency. Lagos is already leading in this space as the tech capital of Nigeria – a model that can inspire other regions.
“This is the time for collaboration, not competition; for unity; not isolation. If we succeed in mobilizing our private sector effectively, Africa will be able to overcome global uncertainty, emerge stronger, richer, and more self-reliant. As leaders, investors, and stakeholders gathered here today, our duty is to make that vision real. I want us to take this forum as a call to action to turn Africa’s potential into prosperity”.
Bashorun J. K. Randle, The Chairman of the NEPAD Business Group Nigeria (NBGN) in his opening remarks reaffirmed the pivotal role of the private sector in driving Africa’s transformation under the African Continental Free Trade Area (AfCFTA) in Nigeria
He said:” AfCFTA offers a united private sector operators in Nigeria and other countries in Africa the chance to transform fragmented national markets into a unified, dynamic economic zone—one that harnesses our human capital, natural resources, innovation and enterprise. Industrialization, entrepreneurship, and innovation remain the pillars upon which strong, prosperous nations are built”.
