Lagos and Enugu States have officially become strategic partners of the Commonwealth Enterprise and Investment Council, a move expected to boost trade and investment opportunities across Nigeria and the Commonwealth.
This announcement was made during separate signing ceremonies held in Lagos and Enugu, with CWEIC’s Chief Executive Officer, Rosie Glazebrook, disclosing the development, according to a statement.
Glazebrook, speaking at a recent Lagos event held at Lagos House Marina, described the partnership as a significant platform for businesses in the state and said, “This will provide an excellent platform for businesses in Lagos State and beyond to interact across the Commonwealth.”
Lagos State Governor, Babajide Sanwo-Olu, attended the Lagos ceremony, accompanied by the Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, and representatives of leading private-sector organisations, including Afreximbank, Lagos Free Zone, Emerging Africa Group, and Prime Atlantic Group.
In Enugu State, Governor Peter Mbah, along with key members of his cabinet, hosted the CWEIC team at the Lion Building. Glazebrook commended the state’s developmental strides, including ongoing projects such as an international conference centre and a multimodal transport system, noting, “Enugu’s initiatives reflect the vision of the governor to attract global investment.”
Glazebrook emphasised CWEIC’s role in breaking down trade barriers and facilitating ease of business across Commonwealth member states, stressing, “The Commonwealth standard is working with the Nigerian government and partners to connect businesses across the Commonwealth and beyond.”
She highlighted the council’s ongoing collaboration with the federal government, including discussions with Vice President Kashim Shettima and the Nigeria Investment Promotion Council.
The CWEIC CEO also announced plans for the upcoming Commonwealth Trade and Investment Summit in London next year. She disclosed that Governors Sanwo-Olu and Mbah are expected to headline the inaugural Governor’s Roundtable at the summit.
The CWEIC revealed it has 25 Nigerian strategic partners, including Dangote Group, Famfa Oil, Seplat Energy, and Zenith Bank, which act as anchor sponsors for many CWEIC initiatives.
Glazebrook revealed plans to mobilise more Nigerian businesses for the London summit, describing it as “a global forum to showcase what Nigeria is doing at federal and state levels.”
She noted the Commonwealth’s combined gross domestic product stood at $14.2tn in 2022 and is projected to reach $20tn by 2029, with intra-Commonwealth foreign direct investment targeted to grow from $1.7tn to $4.8tn during the same period.
“Our organisation wants businesses to grow and help them export across Commonwealth markets,” Glazebrook added.