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, Sanwo-Olu said the relationship would 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 per cent of Nigeria’s GDP and is responsible for more than 70 per cent of the country’s industrial and commercial activities.”