LAGOS, CHINA SEEK MUTUAL PARTNERSHIP ON TRADE, INVESTMENT 

Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu has stated that his administration is dedicated to fostering an environment that promotes trade, encourages investment, and supports local enterprises for the continuous development and growth of the state.

Sanwo-Olu said this today at the Opening Ceremony of the 2024 China Commodities EXPO Nigeria (CCE) held at the Landmark Event Centre, Water Corporation Drive, Victoria Island, Lagos.

The Governor, who was represented by his Deputy, Dr. Kadri Obafemi Hamzat, noted that the state government recognises that strong bilateral relationships are vital for attracting foreign investments that will drive infrastructure development and create jobs.

“As Nigeria’s commercial capital, Lagos plays a pivotal role in driving economic progress and embracing innovation. Our administration is dedicated to fostering an environment that promotes trade, encourages investment, and supports local enterprises. We recognize that strong bilateral relationships are vital for attracting foreign investments that will drive infrastructure development and create jobs, said the Governor, adding that the China Commodities Expo is not just an exhibition; but a testament to the State Government’s commitment to strengthening international trade relations.

Speaking further, he noted that the event, which is important in a time when the world is evolving economies and advancing technologies, will provide essential platforms for mutual benefit and showcase a diverse range of Chinese products and services as well as create an opportunity for Nigerian businesses to engage with innovative solutions and expand their networks.

The Governor added that such partnerships are crucial for addressing key needs in sectors, such as manufacturing, energy, infrastructure, and technology – areas integral to Lagos’s growth and development goals.

While describing Lagos as a dynamic centre of commerce, innovation, and culture, Sanwo-Olu said that the State has become a gateway for global trade and investment, built on a foundation of collaboration and openness to partnerships.

“As we open the doors to this Expo, we also open doors to possibilities that will strengthen ties between our nations, enrich our communities and build a legacy of economic growth.

Accordingly, the platform allows Lagos to showcase Nigeria’s rich resources and business potential while learning from China’s advancements in technology and manufacturing to drive our economies forward”, he stated.

The Governor, therefore, commended Chinese partners, exhibitors, and organisers for their commitment to realising the Expo. “I am confident that this event will serve as a celebration of collaboration, innovation, and mutual growth between Nigeria and China”, Sanwo-Olu averred.

In his welcome address, the Acting Consul General of the People’s Republic of China in Lagos, Jin Mingyu, stated that the China Commodities Expo Nigeria serves not only as a platform to showcase Chinese products but also as a bridge for enhancing understanding and deepening cooperation between Chinese and Nigerian businesses.

He added that both countries during the Forum on China-Africa Cooperation (FOCAC) Beijing Summit, signed a cooperation plan for the ‘Belt and Road Initiatives’, outlining exchange in macroeconomic policies, industrial development, and infrastructure construction and establishing priority areas for collaboration, including energy, mining and metallurgy,  infrastructure, manufacturing and agriculture.

Jin Mingyu noted that the strategic trust between China and Nigeria continues to deepen, aligning development strategies and fostering mutually beneficial cooperation, China-Nigeria economic and trade relations are poised to reach new heights.

The Acting Consul General noted that over the next three years, the Chinese government will encourage Chinese enterprises to invest no less than 70 billion RMB in Africa, providing robust support for China-Africa and China-Nigeria economic and trade cooperation.

Earlier in his goodwill message, the Founder/Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf called for the need to strengthen the complementarity of trade between Nigeria and China to strengthen production capabilities, export of value-added products and export competitiveness. 

He said there is a lot to gain from trade in machinery, equipment, power generation equipment, and ICT, adding that as a country,  Nigeria, should not be perpetually dependent on imports for most of what the country consumes. He described the expo as a demonstration of the confidence Chinese investors have in the Nigerian economy, despite the current challenges. 

According to Yusuf, “The expo shows they have a much longer investment perspective and belief in the resilience of the economy.  The Nigerian economy will turn the corner sooner than later.  I want to assure the Chinese investors that their confidence is not misplaced”.