LAGOS, CHINA SEEK MUTUAL PARTNERSHIP ON TRADE, INVESTMENT
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The Lagos State Governor Mr. Babajide Olusola Sanwo-Olu has stated that his administration his administration is committed to creating an atmosphere that supports local businesses, encourages investment, and fosters trade in order to contribute to the state’s ongoing development and expansion.
Sanwo-Olu made this statement today during the 2024 China Commodities EXPO Nigeria (CCE) Opening Ceremony, which took place at the Landmark Event Centre with Water Corporation Drive on Victoria Island in Lagos.
On behalf of his deputy, Dr. Kadri Obafemi Hamzat, the governor stated that the state administration understands the importance of solid bilateral ties in luring in foreign investments that will propel infrastructural development and employment creation.
“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.
Jin Mingyu, the Acting Consul General of the People’s Republic of China in Lagos, said in his welcome speech that the China Commodities Expo Nigeria is a bridge for improving mutual understanding and strengthening collaboration between Chinese and Nigerian companies, in addition to providing a venue for showcasing Chinese goods.
“During the Forum on China-Africa Cooperation (FOCAC) Beijing Summit, both countries signed a cooperation plan for the ‘Belt and Road Initiatives’,” he continued, defining priority areas for collaboration, such as energy, mining and metallurgy, infrastructure, manufacturing, and agriculture, and outlining exchange in macroeconomic policies, industrial development, and infrastructure construction.
“China-Nigeria economic and trade relations are poised to reach new heights as the strategic trust between China and Nigeria continues to deepen, aligning development strategies and fostering mutually beneficial cooperation,” Jin Mingyu said.
The Acting Consul General stated that the Chinese government will strongly support trade and economic cooperation between China and Africa and between China and Nigeria by encouraging Chinese companies to spend at least 70 billion RMB in Africa over the course of the next three years.
Dr. Muda Yusuf, the founder and chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE), had earlier in his goodwill message emphasised the importance of enhancing the complementary nature of trade between China and Nigeria in order to boost export competitiveness, value-added product exports, and production capabilities.
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”.
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