The Lagos State Government has inaugurated the state Technical Working Group as part of its plans to domesticate the African Continental Free Trade Agreement in the state.
The state Commissioner of Commerce, Industry and Cooperatives, Dr Lola Akande, disclosed this, according to a statement on Wednesday, while she inaugurated the group in Alausa, Ikeja.
Akande said, “There is a need for members of the group to quickly and effectively commence the domestication of the trade agreement. With all such agreements, AfCFTA, with no exception, will have both positive and negative effects and create both winners and losers.
“The group has the responsibilities to organise and monitor state programmes and initiatives on trade; support implementing agencies and value chain players to identify and facilitate appropriate funding sources for the project; facilitate and harmonise state-related plans and projects among government Ministries, Departments and Agencies, among others.”
The Special Adviser to the Governor on Commerce, Industry and Cooperatives, Abiola Olowu, noted that the new trade agreement, which aligns with the THEMES agenda of Governor Babajide Sanwo-Olu’s administration, will facilitate the promotion of Nigerian products.
The Director-General of Lagos Chamber of Commerce and Industry, Dr Chinyere Almona, said, “AfCFTA will add benefits to Nigeria and Africa as it will help address poverty and increase integration of Micro and Small Medium Enterprises into Africa’s economy.”