News

10 December 2024, Lagos, Nigeria – The Commonwealth Enterprise and Investment Council is pleased to have today signed an Memorandum of Understanding (MoU) with the Lagos State Government.
This agreement was formalised on Tuesday, December 10, 2024, at Lagos House, Marina, in the presence of the Governor, H.E. Babajide Olusola Sanwo-Olu, and key stakeholders from both parties. CWEIC was also delighted to be joined at the ceremony by some of our Nigerian Strategic Partners.

The MoU represents a strategic partnership aimed at driving inclusive growth, innovation, and sustainable development within Lagos State. It underscores Lagos’ commitment to leveraging the CWEIC’s extensive network of businesses and institutions to enhance trade, investment, and economic collaboration across the Commonwealth’s 56 member nations.

Governor Sanwo-Olu’s Remarks

Speaking at the signing ceremony, Governor Sanwo-Olu emphasised the importance of the partnership in positioning Lagos as a premier gateway for Commonwealth trade and investment in Africa. “The signing of this MoU with CWEIC represents a pivotal milestone in our journey toward economic transformation and global relevance,” he stated. “Lagos State is uniquely positioned as Africa’s fifth-largest economy and the continent’s commercial nerve center, contributing over 30% of Nigeria’s GDP and driving more than 70% of the country’s industrial and commercial activities.”

The Governor highlighted key opportunities unlocked by the MoU, including fostering innovation, attracting foreign direct investments, and creating jobs. He called on the private sector to actively participate in the partnership, emphasising its vital role as the engine of economic growth.

Key Provisions of the MoU:

• Trade and Investment: Collaboration to attract investments into priority sectors such as technology, agriculture, energy, and manufacturing.
• Infrastructure Development: Joint initiatives to drive improvements in transportation, housing, and urban development.
• Education and Capacity Building: Knowledge transfer and skill development programs to prepare Lagos’ youth for global economic opportunities.
• Tourism and Cultural Exchange: Promoting Lagos as a destination for tourism and cultural diversity.
• Green Economy: Advancing sustainability through renewable energy initiatives and climate resilience projects.

Shaping a Future of Strategic Growth

The Lagos State Government’s strategic partnership with CWEIC aims to foster relationships between Lagos’ private sector and international counterparts, providing local businesses with access to new export markets. The collaboration will support job creation, encourage foreign direct investment, and spur growth in key sectors.
Governor Sanwo-Olu reiterated his administration’s dedication to fostering a business-friendly environment through initiatives such as the Lagos State Employment Trust Fund (LSETF) and Lagos Innovates. He pledged that the government would ensure accountability, transparency, and unwavering dedication to achieving the objectives outlined in the MoU.

This partnership solidifies Lagos’ position as a key player on the global economic stage and reaffirms its status as a hub of innovation, resilience, and excellence.
Governor Sanwo-Olu concluded, “This MoU is more than a document; it is a declaration that Lagos is open for business and ready to take its rightful place on the global stage. Together with CWEIC, we will build a Lagos that inspires the world.”

CWEIC would like to specifially thank Mrs Folashade Ambrose-Medebem (Honourable Commissioner for Commerce, Trade & Investment), for her support, as well as our CWEIC team in Nigeria, Mr Olasupo Shasore, SAN (Chair of CWEIC’s Nigeria Hub) and Obinna Anyanwu (CWEIC Country Director, Nigeria).

Read more here: https://pmnewsnigeria.com/2024/12/13/lagos-signs-mou-with-commonwealth-council-for-trade-investment/