By Ogunlana Klistivivi
In a recent announcement on its official Instagram page; AFRICA’S FUTURE ECONOMIC LEADERS (AFEL) unveiled Obafemi Awolowo University (OAU) as one of the distinguished winners in its inaugural Economic Impact Challenge which commenced in October and concluded in December of the previous year.
The challenge saw the active participation of law and economics students from eight different universities across southwestern Nigeria. AFEL designed the challenge with a dual focus on economic policy advocacy and outstanding research and presentation, emphasizing the vital role of advocating for policy implementation and analyzing how continental policies influence local businesses.
Winners in both categories are set to receive monetary compensation. The advocacy category's top winner will be awarded 100,000, with the first and second runners-up receiving 50,000 each. Meanwhile, in the research category, the winner will claim 250,000, and the first and second runners-up will be awarded 150,000 and 100,000, respectively.
After a meticulous evaluation by competent judges, AFEL proudly announced the winners from various schools who made remarkable contributions to the economic discourse:
Category 1: Policy Advocacy and Implementation
1st Place: University of Ibadan
2nd Place: Obafemi Awolowo University
3rd Place: Babcock University
Category 2: Policy Research and Presentation
1st Place: University of Ibadan
2nd Place: Obafemi Awolowo University
3rd Place: Adekunle Ajasin University
The OAU team consists of eight students; including Mercy Akande, Tijani Halimat, Toluwalope Awodele, Damilola Shado, Samuel Ogunbadeniyi, Samuel Ayelagbe, Victor Oladepo and BenAmin Adeniji, all from the Department of Economics presented a research paper titled “The Impact of AfCFTA on the Growth of Agribusiness SMEs in Nigeria.” Their paper addressed challenges such as limited financing, infrastructure deficits, and trade barriers faced by agribusiness SMEs. Additionally, they highlighted specific benefits that AfCFTA could offer, including lower tariffs, reduced transport costs, streamlined border procedures, and a wider customer base.
In an interview with OAUPeeps News Agency Correspondent; BenAmin Adeniji, the Team Lead, shared insights into the competition.
“The competition required a minimum of four and a maximum of eight students from both economics and law departments representing the school. But the law students were not responding. At first, they gave us two students, but they later opted out, and we had to replace them with economics students. But in the end, we give glory to God because we later overcame all of the hurdles, to come second behind UI.
“It was a virtual competition that spanned through November and December, and the results were announced on January 8. We were asked to write a research paper, present it, as well as do advocacy.
“Our case study was to advocate the Africa Continental Free Trade Area (AFCTA) to our community. And we started by interviewing people on campus, asking them if they were familiar with AFCTA. In the second stage, we wrote a research paper where we picked an SMSE (AACE Foods), and we looked at how AfCTA can directly or indirectly affect them.
“The Economic Impact challenge was a groundbreaking achievement as well as an eye-opener for us. It provided the platform and opportunity for us to express ourselves and our prowess while working together as a team. So, we are saying a big thank you to AFEL and the organizing team. We appreciate the opportunity.”
