…Signs MoU with Council to boost FDI, job creation, and grow key priority sectors in the state
The Lagos State Government has struck a strategic partnership with the Commonwealth Enterprise and Investment Council (CWEIC), a commercial, not-for-profit membership organisation with an official mandate from the Commonwealth Heads of Government to facilitate trade and investment throughout the 56 Commonwealth member nations.
The partnership which was formalised following the signing of a Memorandum of Understanding between the two parties, will see the Lagos State Government joining the CWEIC to take full advantage of the opportunities presented by being a member of a global business community. The partnership will help facilitate new relationships between the Lagos private sector and their international counterparts whilst helping local businesses access new export markets.
The strategic partnership will also support Lagos State through knowledge transfer and the sharing of best practices, to encourage greater foreign direct investment, support job creation, and the growth of key priority sectors of the state’s economy.
The state’s membership of the CWEIC will provide it with the opportunity to engage with business leaders and government decision-makers across the Commonwealth through networking, events, international delegation visits, and a customised engagement plan for 2024/25. The Lagos State Government will also be able to participate in the Global Advisory Council, which is an opportunity to introduce the state, its Deal Book, and Investment Framework to CWEIC network of international business leaders to familiarise the Commonwealth Business Community and seek feedback.
Speaking during the official signing ceremony, the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu said the event not only underscores the progressive vision of Lagos State but also demonstrates its unwavering commitment to partnerships that drive inclusive growth, innovation, and sustainable development. He described the state as a dynamic hub of commerce, culture, and creativity, and said that the partnership resonates with the shared values of economic prosperity, collaboration, and global engagement.
“The signing of this 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”, Sanwo-Olu said.
He said the 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% of Nigeria’s GDP and is responsible for more than 70% of the country’s industrial and commercial activities”, he said.
Lagos, he said, is a state that has embraced innovation, demonstrated resilience, and consistently redefined the limits of what is possible, whether in technology, entertainment, manufacturing, or finance, describing it as the cradle of innovation and the benchmark for excellence in Africa.
“Our administration has always prioritised creating an enabling environment for businesses to thrive. Through various initiatives, we have reduced bureaucratic bottlenecks, strengthened the ease of doing business, and fostered innovation to drive economic growth. Programmes such as the Lagos State Employment Trust Fund (LSETF), the Lagos Innovates programme, and the comprehensive overhaul of our transportation and infrastructure systems are prime examples of our forward-thinking policies”, Sanwo-Olu said.
The Governor said the administration recognises that sustainable development cannot be achieved in isolation, and requires strategic partnerships, visionary leadership, and a commitment to long-term goals, and expressed the belief that the partnership with CWEIC is a natural progression in its quest to make Lagos a globally competitive city.
He highlighted the opportunities the MoU provides for the state to include leveraging the Commonwealth network to attract investments into sectors like technology, agriculture, energy, and manufacturing, partnering with global entities to drive infrastructure projects that improve transportation, housing, and urban development, as well as facilitating knowledge transfer and skill development to equip the state’s youth for the future of work in a globalised economy. He added that the partnership will among other things also help market Lagos as a destination for tourism and a melting pot of cultural diversity.
Sanwo-Olu urged private sector stakeholders to take full advantage of the opportunities that the partnership with CWEIC presents. He pointed out that while governments play a crucial role in setting the policy framework, the private sector remains the engine of economic growth, and urged them to foster a culture of innovation, collaboration, and entrepreneurship that will propel Lagos to new heights.
He pledged the administration’s commitment to the success of this partnership, saying that the MoU was more than just the signing of a document, but a statement of intent and a declaration that Lagos State is open for business and ready to take its rightful place on the global stage.