Lagos signs strategic partnership with CWEIC to boost trade, investment
The Lagos State
Government has entered into a strategic partnership with the Commonwealth Enterprise and Investment Council (CWEIC), a commercial, not-for-profit organisation with an official mandate from the Commonwealth Heads of Government to facilitate trade and investment across the 56 Commonwealth member nations.
The partnership, formalised through the signing of a Memorandum of Understanding (MoU), marks Lagos’ official membership in CWEIC, providing the state with the opportunity to engage with the global business community. This collaboration will foster new relationships between the Lagos private sector and international businesses, facilitating access to new export markets for local businesses.
Additionally, the partnership will provide Lagos State with support in areas such as knowledge transfer, sharing best practices, and enhancing foreign direct investment (FDI). It will help stimulate job creation and drive growth in the state’s key economic sectors.
Through its membership in CWEIC, Lagos will also have access to networking events, international delegation visits, and a customised engagement plan for 2024/25. Furthermore, Lagos State will be able to participate in the Global Advisory Council, providing an opportunity to present the state’s Deal Book and Investment Framework to CWEIC’s international network of business leaders, while gathering valuable feedback from the Commonwealth Business Community.
Speaking at the official signing ceremony, Lagos State Governor, Mr. Babajide Sanwo-Olu, highlighted the significance of the partnership. He stated that it not only reflects Lagos’ progressive vision but also underscores the state’s commitment to forging partnerships that foster inclusive growth, innovation, and sustainable development. Describing Lagos as a dynamic hub of commerce, culture, and creativity, Sanwo-Olu noted that the partnership aligns with the shared values of economic prosperity, collaboration, and global engagement.
“The signing of this MoU with 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,” said Sanwo-Olu.
He added, “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 further emphasised Lagos’ strategic position as a key player in the Commonwealth network. “As Africa’s fifth-largest economy and the continent’s commercial nerve centre, 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.
He also highlighted the state’s ongoing embrace of innovation, resilience, and excellence across sectors such as technology, entertainment, manufacturing, and finance. “Lagos is the cradle of innovation and the benchmark for excellence in Africa,” he said, noting that the state’s administration has consistently worked to create an enabling environment for businesses through initiatives like the Lagos State Employment Trust Fund (LSETF) and the Lagos Innovates programme.
Sanwo-Olu stressed that sustainable development requires strategic partnerships, visionary leadership, and long-term commitment. He expressed his belief that the partnership with CWEIC represents a natural progression towards making Lagos a globally competitive city.
The Governor outlined the potential benefits of the MoU, including leveraging the Commonwealth network to attract investments in sectors such as technology, agriculture, energy, and manufacturing. He also pointed to opportunities for collaborating on infrastructure projects that improve transportation, housing, and urban development, as well as for facilitating knowledge transfer and skill development to equip the state’s youth for future global careers.
Sanwo-Olu concluded by urging private sector stakeholders to seize the opportunities presented by the CWEIC partnership. “Governments set the policy framework, but the private sector remains the engine of economic growth. I encourage you all to foster a culture of innovation, collaboration, and entrepreneurship to propel Lagos to new heights,” he said.
The Governor reiterated the administration’s commitment to ensuring the success of the partnership, stating that the MoU is not just a symbolic gesture but a declaration that Lagos is open for business and ready to take its rightful place on the global stage.
