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.
The signing of the MoU was witnessed on Tuesday by 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 CEO of CWEIC, Mrs. Rosie Glazebrook; Chairman of CWEIC’s Nigeria Advisory Board, Mr. Supo Shasore and Country Director, Commonwealth Enterprise and Investment Council (CWEIC), Mr. Obinna Anyanwu, represented the Commonwealth Enterprise and Investment Council (CWEIC).
Speaking during the official signing of the Memorandum of Understanding (MoU) at Lagos House, Marina, Governor Sanwo-Olu said the relationship will forge a partnership that resonates with the shared values of economic prosperity, collaboration, and global engagement, adding that the Lagos State Government will ensure that the MoU translates into tangible outcomes that benefit all stakeholders.
He said: “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 percent of Nigeria’s GDP and is responsible for more than 70 percent 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, the CEO of CWEIC, Mrs. Rosie Glazebrook, said her organisation is committed to supporting the Lagos State Government’s ambition to open up Lagos for investments.
Glazebrook 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.
She 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 the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, said the signing of the MoU underscores the progressive vision of Lagos State and also demonstrates the Babajide 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.”