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Lagos and Enugu states have become the latest strategic partners of the Commonwealth Enterprise and Investment Council (CWEIC), positioning them to unlock new trade and investment opportunities within the Commonwealth network.
This was disclosed in Lagos recently by the Chief Executive Officer of CWEIC, Mrs. Rosie Glazebrook.
Glazebrook said she met with the Lagos State Governor, Mr. Babajide Sanwo-Olu and some of his Exco Members including Mrs. Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade and Investment, for a strategic partnership signing ceremony for the Lagos State Government to officially join CWEIC as a strategic partner at the Lagos House Marina.
“Some of our strategic partners also witnessed this great ceremony and they include Mrs. Adesuwa Ladoja; Managing Director/CEO, Lagos Free Zone, Dr. Toyin Sanni; Executive Vice Chairman/Group Executive Officer, Emerging Africa Group, Prof Benedict Oramah; President, Afreximbank represented by Mr. Adeniyi Olukoya; Manager Client Relations Anglophone West Africa, Mr. Ayo Otuyalo; Group Managing Director, Prime Atlantic Group represented by Mrs. Taiwo Togun; Chief Operating Officer, Prime Atlantic Nigeria Ltd, Mr. Ebenezer Olufowose; Managing Director/Chief Executive Officer, First Ally Capital Ltd represented by Mrs. Olumayowa Ogunwemimo; GED/MD, First Ally Asset Management Ltd and Mr. Derrick Roper; Managing Director/CEO, Novare Equity Partners represented by Mr. Ayotunde Adesulu; Chief Executive Officer, Novare Real Estate Nigeria Ltd. Mr. Jonny Baxter the British Deputy High Commissioner was also represented by Mr. Wale Adebajo; Senior Political Advisor, British Deputy High Commission Lagos.”
She said: “This will provide an excellent platform for businesses in Lagos and beyond to interact across the Commonwealth and provide a whole series of activities in 2025 and beyond for the government of Lagos State to showcase the best of what it can do for inward investments and driving trade across the Commonwealth.
“The second part was my visit to Enugu State to meet His Excellency, Mr. Peter Mbah, the Governor of Enugu and some of his Exco Members including Ms. Adaora O. Chukwu, the Honourable Commissioner for Trade, Investment and Industry and Professor Chidiebere Onyia, Secretary to Enugu State Government, where we also had a strategic partnership signing ceremony for the Enugu State Government to officially join CWEIC as a strategic partner at the Lion Building. After the signing ceremony I had a great opportunity of touring various project sites at different stages of completion (such as the International Conference Centre, the new 5 star hotel, the new city, etc) with the Honourable Commissioner for Trade, Investment and Industry and my delegation which included Mr. Obinna Anyanwu, Country Director Nigeria (CWEIC), Mr. Derrick Roper; Managing Director/CEO, Novare Equity Partners represented by Mr. Ayotunde Adesulu, CEO, Novare Real Estate Nigeria Ltd, Dr. Toyin Sanni; Executive Vice Chairman/Group Executive Officer, Emerging Africa Group represented by Mr. Collins Olise, Regional Director South South/South East, Emerging Africa Group, Mr. Tunde Hassan-Odukale; Director, Leadway Assurance represented by both Mr. Ikponmwosa Iyamu, Regional Director South South/South East, Leadway Assurance and Ms. Patricia Attah, Branch Manager, Leadway Assurance.
We also visited Dr. Obi Ozor, the Honourable Commissioner of Transport who shared the vision of the Governor on the multimodal transport system being developed in the State.
“We had also put up meetings for businesses who are not yet partners to know what value we can offer to them.”
She also used her current visit to Nigeria to co-chair the Nigerian advisory council with Mr. Olasupo Shasore SAN, Partner, Africa Law Practice NG & Co, adding that CWEIC has 25 strategic partners based in Nigeria. We meet twice in a year to share what has been happening and to look at the future and to build partnerships going forward.”
Glazebrook explained that one of the cardinal goals of the council is breaking down barriers to trade for foreign investors to come here in Nigeria, especially in the area of standards.
She said: “One of the ways is looking at issues around standards. The Commonwealth standard is working with Nigerian government and partners to look at how that can help businesses in Nigeria connect across the Commonwealth and beyond.
“Another area is ease of business travels. This is something that is close to me that we need to make it easy for businesses to come into Nigeria.
“We work with 56 governments in the Commonwealth and we are looking on how we can encourage businesses from other Commonwealth Nations to look in. It is our convening power that we think can help local businesses that is on the ground.”
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The CEO of CWEIC was confident that the council’s efforts to make inroad into the Nigerian public sector, both at federal and state levels, are becoming fruitful.
She said that the council was very pleased to bring delegation that discussed with the Vice President, H.E Kashim Shetima during her last visit in Nigeria and in collaboration with the Nigeria Investment Promotion Council (NIPC) and other partners about how the council could build plans going forward.
“We very much have the ambition to do more work and partnership at the federal government level. But we are looking at a very longer term plan.”
Glazebrook also used her visit to mobilise government and private entities to attend that upcoming Commonwealth Trade and Investment Summit (CTIS) that is scheduled to hold in London, United Kingdom, between April 7-8, 2025 at the iconic Mansion House which is the official residence of the Lord Mayor of the City of London. She confirmed that the Governor of Lagos State and Enugu State have both agreed to headline the inaugural Governor’s Roundtable at the upcoming CTIS. She said this will afford both Governors a great opportunity to engage global investors and partners.
“We want to encourage a strong Nigeria presence there because it is an excellent place to showcase what the country has. I am very keen to encourage Nigeria businesses to see the event as an opportunity to showcase what they can do.
“We very much expect to have federal ministers coming to our next trade and investment summit in London from across the Commonwealth of Nations. Last year we had the then Honourable Minister for Industry, Trade and Investment to our CTIS. The current Honourable Minister for Industry, Trade and Investment has also been invited to the CTIS that will hold in April 2025 and we look forward to her confirmation to attend soon.”
“We very much hope that we will have that level of ministerial engagement this time around. That is a way to showcase what the federal government wants to do with the Commonwealth.”
She expressed optimism that with the sponsorship of Zenith Bank who has been the Anchor Sponsors over the years, many of the CWEIC’s Strategic Partners from Nigeria, including Dangote Group, Famfa Oil Ltd, Seplat Energy Plc, Afreximbank, Africa Law Practice NG & Co, Prime Atlantic Nigeria Ltd, Custodian Investment Plc, Emerging Africa Group, YOA Insurance Broker, Novare, Lagos Free Zone, CLG Securities, Honeywell Group, Leadway Assurance, Matrix Energy, LandAfrique, Investment One, L.A.T Cleveson and numerous others, would have very strong presence in the London’s trade and investment summit.
“It is a global forum for federal and state governments to showcase what Nigeria is doing at federal and state levels.” She said, adding that the council is endeavouring to increased ease of travel for business people around the Commonwealth.
Glazebrook estimated that the GDP of Commonwealth member countries in 2022 was $14.2 trillion and is expected to rise to $20 trillion by 2029, adding that the intra Commonwealth stock of FDI is at the moment $1.7 trillion using 2022 figures and looking to grow that to $4.8 trillion.
“Our organisation wants businesses to grow and to help them with exports across Commonwealth markets.
“We have also recognised that many of our partners have interests outside the Commonwealth, so we have opened a partnership in the Middle East where we have appointed a Strategic Adviser. This will help businesses to be able to tap more into markets outside the Commonwealth.
We are talking about SMEs and growth and looking at how we work with some of our partners in the higher education sector to build the skills for the future making sure that businesses are adapting and bring skills that are going to help them develop.”
