Lagos State Government has signed a Memorandum of Understanding (MOU) with the Commonwealth Enterprise and Investment Council (CWEIC) to further facilitate trade and investment opportunities between Lagos and the commonwealth nations.
The signing ceremony, witnessed by the State Governor, Babajide Sanwo-Olu and members of the State Executive Council, was held at the Banquet Hall of the Lagos House, Marina on Tuesday.
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.
Her words: “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.”
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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