LAGOS, CWEIC MOU WILL DEEPEN TRADE/INVESTMENT OPPORTUNITIES - SANWO-OLU
Lagos State Governor, Babajide Sanwo-Olu has described the signed Memorandum of Understanding (MOU) between the State and the Commonwealth Enterprise and Investment Council (CWEIC) as a virile tool that would further boost trade and investment opportunities between Lagos and the commonwealth nations.
Governor Sanwo-Olu stated this at the signing ceremony of the MOU at the Banquet Hall, Lagos House, Marina on Tuesday.
According to the Governor, Lagos State is uniquely positioned as the fifth largest economy in Africa and the continent's financial hub, with about 25 million population, to play a strategic role within the Commonwealth network.
His words: "Our State contributes over 30 percent of Nigeria’s GDP and hosts more than 70 percent of the country’s industrial and commercial activities. However, we recognised that sustainable development cannot be achieved in isolation. It requires strategic partnerships, visionary leadership and a commitment to long-term goals. This partnership with CWEIC is, therefore, a natural progression in our quest to make Lagos a globally competitive State.
Sanwo-Olu affirmed that the new Understanding with CWEIC provides a framework for collaboration across key sectors such as trade and investment, infrastructure development, education and capacity building, tourism and cultural exchanges and promotion of a green and sustainable economy.
Speaking at the event, Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem described the ceremony as momentous, which underscores the progressive vision of Lagos administration and the unwavering commitment to partnerships that drive inclusive growth, innovation, and sustainable development.
“The signing of MoU with the CWEIC represents a pivotal milestone in our journey toward economic transformation and global relevance. The Commonwealth comprises 56 nations spanning Africa, Asia, the Americas, Europe, and the Pacific, with a collective GDP exceeding $13 trillion. It is a network that thrives on shared values of democracy, sustainability, and mutual respect.
“Through this partnership, Lagos State seeks to position itself as a leading gateway for Commonwealth trade and investment in Africa. The CWEIC, with its unparalleled network of businesses and institutions, offers Lagos the opportunity to connect with global enterprises, attract investments, and foster economic activities that will create jobs and elevate the living standards of our people,” she said.
Describing Lagos as a gateway to the vast potential of Africa - a continent brimming with opportunities, youthful energy, and untapped markets, the Commissioner stated that the deepening of ties with the Commonwealth would not only advance Lagos’ interests but also contribute to the broader vision of shared prosperity across member nations.
“As a government, we are fully committed to the success of this partnership. We will ensure that the MoU translates into tangible outcomes that benefit all stakeholders. This requires accountability, transparency, and unwavering dedication to our shared objectives. The State will continue to invest in infrastructure, create policies that attract and retain investments, and build institutions that foster trust and confidence. We will also actively engage with the CWEIC to explore new opportunities, deepen our collaboration, and ensure that Lagos remains a preferred destination for trade and investment,” she said.
While calling on the private sector stakeholders to take full advantage of the opportunities that the partnership with CWEIC presents, Ambrose-Medebem averred that the event was more than just the signing of a document; it was a statement of intent, a declaration that Lagos State is open for business and ready to take its rightful place on the global stage, which reflects the belief in the power of collaboration and the endless possibilities that come with it.
Chief Executive, Commonwealth Enterprise and Investment Council, Rosie Glazebrook, described the MOU as a recognition of the State’s huge economic opportunities and very crucial in the quest to accelerate trade and investment opportunities among member nations.
“The MOU is about how we can work together in a mutual interest that benefits members and I extend an invitation from our Chairman to Mr. Governor to lead the roundtable that brings together investors to see and showcase the best of what Lagos has to offer the businesses and organisations that we bring together every year. I assure you that we will continue to work together to promote understanding between the CWEIC and the government of Lagos State.”
Governor Sanwo-Olu thereafter received the certificate of the MOU from the CEO, CWEIC.
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