Governor Babajide Sanwo-Olu of Lagos, has called on Africa’s private sector to play a stronger and more coordinated role in making the African Continental Free Trade Area (AfCFTA) a success.
Governor Sanwo-Olu made this appeal at the NEPAD Business Group Nigeria High-Level Business Forum held in Lagos.
Sanwo-Olu emphasised that while governments can negotiate trade agreements, the private sector is the true engine of industrialization and cross-border trade.
For AfCFTA to lift millions out of poverty, businesses must actively produce, export, invest, and integrate value chains across the continent.
Represented at the forum by Lagos State Commissioner for Commerce, Folashade Ambrose-Medebem, the governor highlighted Lagos’s efforts to create an enabling business environment.
Key initiatives include investments in infrastructure, logistics, technology, industrial corridors, the Lekki Deep Sea Port, and the tech ecosystem in Yaba, all designed to enhance productivity and trade efficiency.
Sanwo-Olu also stressed the importance of supporting Small and Medium Enterprises (SMEs), calling them “the lifeblood of Africa’s economy.”
He pointed to programs such as the Lagos State Employment Trust Fund (LSETF), which provides SMEs with funding, mentorship, and training to help them grow.
In his remarks, Dr. Abdulrashid Yerima, President of the Nigerian Association of Small and Medium Enterprises (NASME), urged African governments to align policies with private sector realities.
He stressed that AfCFTA is Africa’s blueprint for economic independence, and that collaboration among businesses, cooperatives, and industrial clusters is key for SMEs to benefit from regional trade.
Samuel Dossou-Aworet, President of the African Business Roundtable (ABR), noted that while Africa is one of the world’s fastest-growing regions, sustainable growth requires industrialization, investment in human capital, and inclusive development.
He highlighted that African markets are now unified, creating new investment opportunities, but emphasized that GDP growth must translate into better jobs, infrastructure, and opportunities for youth and women.
The forum, convened by NEPAD Business Group Nigeria, brought together policymakers, business leaders, and development experts to strengthen collaboration between public and private sectors and position African enterprises at the center of global trade.
Chairman J.K. Randle said the active participation of business leaders reflects Africa’s readiness to take control of its economic future, emphasizing that the private sector must drive transformation under AfCFTA.
