By Juliet Umeh

The Commonwealth Enterprise and Investment Council, CWEIC, has said that it is aiming to increase its strategic partnerships with businesses in Nigeria as it builds on 21 partners.

The Chief Executive Officer, CEO of CWEIC, Rosie Glazebrook, made the disclosure at a media parley held to highlight the Council’s upcoming activities in Lagos.

She said: “We are growing our partnerships and looking at ways that we can support businesses in trade and investment, while building the link with businesses across sectors ranging from financial services, oil and gas, healthcare and technology among others.

“Trading between Commonwealth countries is on average 21 percent cheaper. This is why we encourage the breakdown of the trade barrier to make it easier for Nigerian businesses. The Commonwealth has a huge population and huge business opportunities and that is what we seek to harness.”

She said Nigeria is a country with huge growth potential for Foreign Direct Investment (FDI) and trade.

She stated: “We do not want to put any limit on how many businesses we partner with in Nigeria, but we would encourage them to be part of what we do. Nigeria is second to the UK in the number of our Strategic Partners and I would like to grow this even further.”

She noted: “The council’s upcoming activities include Commonwealth Trade and Investment Summit slated for November 27 to 28, 2023, in London; Commonwealth Trade and Investment Forum in Malta in February 2024 and Commonwealth Business Forum which will be held in Samoa in October 2024.”

However, she emphasised on the relevance of policies and strategies that promote ease of doing business in Nigeria and Commonwealth countries for accelerated economic growth.

According to her, the current Gross Domestic Product, GDP of the Commonwealth is $14.5 trillion and is estimated to hit $19.5 trillion by 2027.

She said that Nigeria’s investment climate elicits much interest. She urged businesses in Nigeria to leverage on all the upcoming activities to accelerate business relations and growth.

She added:  “The CWEIC has positioned strategic hubs around the globe to foster connectivity between businesses, their communities and government.”

Meanwhile, she mentioned that she will visit the organization’s existing partners as well as some prospective partners while promising to co-chair the Nigerian International Advisory Council, NIAC, meeting with Mr. Olasupo Shasore.