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By Merit Ibe
The Chief Executive Officer of Commonwealth Enterprise and Investment Council (CWEIC), Ms. Rosie Glazebrook, has urged Nigerian businesses to embrace the advantage of 21 per cent lower bilateral trading costs by forging business partnerships within Commonwealth member countries.
Glazebrook stated that the Commonwealth is home to some of the world’s fastest-growing economies and a market made up of more than 2.5 billion people and a combined economy of more than $13.5 trillion.
“As the world wakes up to Nigeria’s immense potential, it is more important than ever for Nigerian businesses to forge new international partnerships. With more than 2.5 billion people and a combined economy of more than $13.5 trillion, where better to start looking than the Commonwealth? The member states benefit from 21 per cent lower bilateral trading costs, a factor known as the ‘Commonwealth Advantage.”
The chief executive explained that CWEIC is the Commonwealth’s business organisation, with a mandate to work across the 56 member states to drive trade and investment, which it does by mobilising partners in both the public and private sectors.
The CWEIC also convene, support, and advise businesses interested in working within and across the Commonwealth.
She stated that Nigeria currently boasts more than 20 strategic partners, which is the largest group of CWEIC’s strategic partners outside of the United Kingdom (UK).
Glazebrook, who reviewed the activities of the CWEIC in 2023 especially as it concerned Nigeria, hosted a meeting of CWEIC’s Nigeria International Advisory Council and engaged in productive bilateral meetings with internationally renowned businesses such as the Dangote Group within the year under review.
She said: “For an example of the Commonwealth network in action, look no further than the 2023 Commonwealth Trade and Investment Summit (CTIS), which showcased the vibrancy and vitality of the Commonwealth business community in no uncertain terms. The CWEIC welcomed international businesspeople, ministers and strategic partners to London for the 2023 summit, which took place on November 27 and 28.
“CTIS showcased the work that CWEIC has been doing to drive trade and investment throughout the Commonwealth network, working alongside more than 150 strategic partners to build bridges and provide support to businesses that recognise the Commonwealth’s immense potential,” she said.
The summit enabled delegates to hear from high-quality international speakers such as Lord Mayor of the City of London, Alderman Michael Mainelli; President, African Export-Import Bank, Professor Benedict Orama; Founder and Chairman, Zenith Bank, Mr. Jim Ovia; Founder and Former Chairman, Next International (Nigeria) Limited, Mr. Peter Obi and the Secretary General of AfCFTA, Mr. Wamkele Mene.
The Minister of Trade, Industry and Investment, Dr. Doris Uzoka-Anite, spoke to the delegates during the summit on reducing barriers to trade while the Executive Secretary and CEO of Nigeria Investment Promotion Commission, Mrs. Aisha Rimi, spoke on the importance of human capital, and addressing the ongoing challenge of outwards migration from Africa to the rest of the world:
Ovia, who has been a long-standing CWEIC’s strategic partner, spoke on the subject of investment finance for emerging markets and highlighted the difficulties that emerging markets face in securing dependable and enduring financial resources.
Obi, in his keynote address during the “Harnessing the African Opportunity” session, emphasised the abundant opportunities present in the African continent while CEO of Seplat Energy Plc, Mr. Roger Brown, advocated for a holistic approach that would balance the imperative to foster development and ensure energy security while prioritising environmental concerns in a session on “Financing the Energy Transition.”
In addition, the representative of Novare Equity Holdings, Mr. Derrick Roper; Founder and Executive Vice-Chairman of Emerging Africa Group, Dr. Toyin Sanni, and Mr. Andrew Smith-Maxwell from Honeywell Group, actively contributed to a roundtable discussion on financing for the necessary infrastructure to accommodate Africa’s population surge.
Other participants, which included the Managing Director of YOA Insurance Brokers, Mrs. Enitan Solarin and Group Managing Director of Custodian Investment Plc, Mr. Wole Oshin, engaged in a roundtable discussion centred on “Risk and Resilience.”
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