By Olasunkanmi Akoni

Lagos State Government has signed a Memorandum of Understanding, MoU, with the Commonwealth Enterprise and Investment Council, CWEIC.

The MoU will open up opportunities and provide a framework for collaboration across key sectors such as: Trade and investment, infrastructure development, education and capacity building, tourism and cultural exchange, and the green economy.

Lagos State Governor, Mr. Babajide Sanwo-Olu, and Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, on behalf of the Lagos State Government, while the Chief Executive Officer, of CWEIC, Mrs. Rosie Glazebrook; Chairman of CWEIC’s Nigeria Advisory Board, Mr. Supo Shasore and Country Director, CWEIC, Mr. Obinna Anyanwu, represented the CWEIC, performed the signing of the MoU, held at Lagos House, Marina, recently.

Sanwo-Olu explained that the relationship would forge a partnership that resonates with the shared values of economic prosperity, collaboration, and global engagement, adding that the State Government would ensure that the MoU translates into tangible outcomes that benefit all stakeholders.

According to hím: “The signing of this MoU with the CWEIC represents a pivotal milestone in our journey toward economic transformation and global relevance. 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.

“Lagos State is uniquely positioned to be a strategic partner within the Commonwealth network. As Africa’s fifth-largest economy and the continent’s commercial nerve center, Lagos is home to over 25 million residents, making it one of the fastest-growing cities in the world.

“Our state contributes over 30 per cent of Nigeria’s GDP and is responsible for more than 70 per cent of the country’s industrial and commercial activities.

“Our administration 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.”

Speaking at the event, Glazebrook, expressed commitment of the organization to supporting the Lagos State Government’s ambition to open up Lagos for investments.

She also invited Governor Sanwo-Olu to lead the Lagos State Government contingent to the Commonwealth Trade and Investment Summit, which will be held in the city of London in April 2025, to meet investors and showcase the best of what Lagos can offer.

Glazebrook said: “We would like to hit the ground running to drive progress at speed. We are very committed to supporting your ambition and aim to open up Lagos.

“We will bring some of the Commonwealth Business Community to Lagos in 2025 and develop a programme where we could look at the Commonwealth Trade and Investment Forum in Lagos hosted by the State Government.

“We could look at how we can put this together in 2025 to drive the interest from the global business community into Lagos and showcase some of the best investment opportunities in Lagos and also for some of the businesses in Lagos to meet counterparts in full partnership to grow their businesses with the rest of the Commonwealth.

“We are very much hopeful that this is an ambition we must drive together in 2025.”

Also speaking, Ambrose-Medebem, said “the signing of the MoU underscores the progressive vision of Lagos State and also demonstrates the Sanwo-Olu administration’s unwavering commitment to partnerships that drive inclusive growth, innovation, and sustainable development.

“The partnership with CWEIC is a natural progression in our quest to make Lagos a globally competitive megacity.

“I would like to use this opportunity to call on private sector stakeholders to take full advantage of the opportunities that this partnership with CWEIC presents.

“Let us foster a culture of innovation, collaboration, and entrepreneurship that will propel Lagos to new heights.”