Governor Babajide Sanwo-Olu of Lagos State emphasized the critical role Lagos State plays for Nigeria in tapping into the prospects provided by the Africa Continental Free Trade Agreement (AfCFTA). His comments were made during the 51st Annual General Meeting (AGM) of the Manufacturer Association of Nigeria (MAN).

Sanwo-Olu reiterated the state’s commitment to facilitating business and amplifying the capabilities of Micro, Small, and Medium Enterprises (MSMEs) across various sectors. The efforts have ensured that Lagos remains an attractive destination for both local and international investment.

The Governor believes that the AfCFTA presents an unprecedented opportunity for African nations to showcase their potential and heighten their global competitive stance. However, hurdles facing the manufacturing sector must be tackled to truly capitalize on AfCFTA’s potential.

Dr. Rabiu Olowo, representing the Minister of Industry, Trade & Investment, highlighted that the national government is focusing on collaboration, partnership, regional integration, Public-Private Partnership, bolstering MSMEs, and emphasizing research and development.

Dr. Olusegun Aganga, the former Minister of Finance and later Industry, Trade, and Investment, highlighted that the AfCFTA has laid the foundation for the world’s largest free trade area. Manufacturing will play a crucial role in realizing the objectives set out in the African Union’s “Africa Agenda 2063.” Aganga emphasized the importance of supporting MSMEs and cautioned about potential challenges from competitors like China. He advocated for Nigeria to prioritize domestic consumption to safeguard against the influx of cheaper, substandard products.

Otunba Francis Meshioye, Chairman of MAN, underscored the association’s dedication to promoting the nation’s industrial growth. He highlighted the importance of collaboration and urged the government to champion domestic production by instituting a “Made in Nigeria Day.”

The emphasis on Lagos State’s role in leveraging AfCFTA’s potential underscores the state’s significance in Nigeria’s economic landscape. Collaborative efforts, infrastructure development, and prioritizing MSMEs emerge as the primary pillars in harnessing AfCFTA’s promise. With proper planning and execution, Nigeria can cement its position as a leading African economy in the AfCFTA era.