LAGOS GOVT HOSTS THAILAND–NIGERIA BUSINESS FORUM, SEEKS STRONGER ECONOMIC TIES

By: Balogun Ibrahim

The Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, on Thursday, 27th August 2026, declared the State’s readiness to deepen Partnerships with Thai businesses across key sectors of the Economy at an Economic bilateral Trade and investment Relations’ forum between Nigeria and Thailand held at the Radisson Blu Anchorage Hotel, Lagos.

Mr. Babajide Sanwo – Olu, who was represented at the conference by the Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, Hon. Mrs. Folashade Bada Ambrose-Medebem, stated that while Thailand and Nigeria may be separated by thousands of kilometres, the opportunities before both countries are remarkably close in areas such as Food, Manufacturing , Technology , Logistics , Tourism and the enormous Markets that both Nations represent.

“Your presence here sends an important message: that Thailand sees Nigeria , not simply as a Country to trade with, but , as a Market in which stronger and more enduring Economic Partnerships can be built. And Lagos is ready for that conversation,” the Governor said.

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While describing Lagos as Nigeria’s Commercial Nerve Center , a major Financial and Technology hub, and a gateway to one of Africa’s largest consumer markets, the Governor added that the State is home to a highly Entrepreneurial population and a Private sector that has repeatedly demonstrated its ability to create businesses, solve problems and compete in difficult environments.

“Our proposition to Thai businesses is straightforward: Lagos offers scale, talent, markets and connectivity; Thailand brings capital, technology, expertise and globally competitive businesses. There is considerable value in putting these strengths together,” Sanwo-Olu stated.

The Governor identified Agriculture and Agro – processing as obvious areas for collaboration, noting that Nigeria has enormous agricultural potential while Thailand has developed globally competitive capabilities in food processing, packaging, agricultural technology and value-chain development, even as he highlighted manufacturing, automotive components, electronics, consumer goods, logistics, digital technology, healthcare, hospitality and tourism as sectors with significant opportunities for investment.

According to Mr. Babajide Sanwo – Olu, , these are areas in which investment can translate into new Enterprises , Technology transfer, stronger Local supply chains,Skills development and quality jobs for the people of Lagos State.

“This is consistent with our vision of building Lagos into a 21st-century Economy, one in which Infrastructure and Innovation create the conditions for Private capital to flourish and businesses to grow,” he said.

Governor Sanwo-Olu emphasized that his Administration has continued to invest in Infrastructure and systems that make Lagos more productive and more connected, including expanding transport infrastructure, growing Digital Ecosystems and efforts to improve the Ease- of – doing business.

He averred that the current volume of trade between Thailand and Nigeria, at a little over $200 million annually, is modest when measured against the potential of two Economies , of their size and capability, describing this not as a weakness, but as an opportunity that signals significant room to grow.

“Our ambition should therefore go beyond increasing the volume of goods exchanged between our countries. We should be looking at Thai companies investing in Nigeria. Nigerian businesses accessing Thai technology and expertise. Joint ventures producing for local and regional markets. And partnerships that build supply chains capable of creating value well beyond this forum,” the Governor said.

He implored Business Leaders gathered at the forum , to be ambitious to identify opportunities, find the right partners, explore the regulatory Environment , visit Industrial and Commercial districts, understand the Market , and put Capital behind Partnerships , where opportunity exists.

“On our part, Lagos will continue to work with investors to create an environment in which good businesses can succeed. We will continue to strengthen infrastructure, improve public institutions, support innovation and deepen engagement with the private sector,” Sanwo-Olu assured.

The Governor expressed hope that Thai guests would make themselves at home in Lagos and come back often, stating: “We want this visit to be the beginning of a relationship, not a one-day event. I want us to build a partnership in which Thai businesses find in Lagos a reliable platform for growth in Nigeria and the wider African market, while Lagos and Nigerian businesses gain access to the technology, expertise, capital and international connections that Thailand has developed over decades.”

Governor Sanwo-Olu commended the organisers of the forum for creating the platform for dialogue and partnership and urged all participants to make the most of the opportunities before them.

He wished participants fruitful conversations, productive engagements and, most importantly, partnerships that continue long after the forum ends

In his remarks, His Excellency ; Mr. Sihasak Phuangketkeow, Deputy Prime Minister and Minister of Foreign Affairs of the Kingdom of Thailand, who led the high-powered Thai delegation, declared emphatically: “We are not here to explore, we are here to build partnerships.”

The Deputy Prime Minister disclosed that Thailand has the Federal Cooperatives College working with the Ministry of Agricultural Products to upskill production on a commercial basis, creating value for business people to realize opportunities.

“Coming here, it is imperative that we should be furnished with a new Environment . This forum proffers familiarization, which is the main purpose of this gathering, to understand the Business Environment . We need networking fostered by this gathering. Doing business in a new place involves understanding the community, enhancing the Economic Partnership to realize the opportunities,” Phuangketkeow said.

He noted the need for expansive prospects on tourism and partnerships, even as the plan is to reinforce more existing partnerships between both countries.

Elaborating on tourism opportunities, the Deputy Prime Minister highlighted several areas where Thailand’s expertise could benefit Nigeria:
· Medical and Wellness Tourism – Thailand is a global leader in medical tourism, offering world-class healthcare services, wellness retreats, and traditional Thai medicine. This expertise aligns with Thailand’s strength in Universal Health Coverage and presents opportunities for knowledge exchange and collaboration with Nigeria’s healthcare sector.

· Agro-Tourism and Culinary Tourism ; With Thailand’s globally competitive capabilities in food processing and Agricultural technology, Agro – tourism presents opportunities for knowledge exchange in farm-to-table experiences, organic farming, and Thai culinary heritage.
· Cultural and Heritage Tourism ; Thailand’s rich cultural heritage, Buddhist temples, festivals, and traditional arts offer models for cultural tourism development that Nigeria can adapt to showcase its own diverse cultural assets.
· Business and MICE Tourism ; as a hub for Meetings, Incentives, Conferences, and Exhibitions (MICE), Thailand’s experience in hosting international business forums and trade fairs provides a template for Lagos as it positions itself as Africa’s premier business destination.

The Deputy Prime Minister noted that tourism serves as a bridge for people-to-people ties—a key pillar of the Thailand-Africa Initiative (TAI), which aims to promote comprehensive engagement with Africa across political, economic, and development cooperation.

Ambassador Phuangketkeow, reiterated that fostering mutual understanding through tourism and cultural exchange, both nations can build the trust and familiarity essential for sustained Economic Partnerships .

Also speaking, the Ambassador of the Kingdom of Thailand to Nigeria, Mr. Thirapath Mongkolnavin, said the Nigeria–Thailand forum was meant to connect opportunities to business that will foster mutual benefits between the two communities.

In his address, President and Chairman of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Leye Kupoluyi, described the Governor’s speech as apt and of absolute reality to existing Economic development, adding that it is the nature of Lagos State.

Kupoluyi praised the representative of the Lagos State Governor, Hon. Folashade Bada Ambrose-Medebem, describing her as the Pillar that has pulled the protocol of Business order in the last three years.

He recounted that the collaboration exudes the virtue of the Thai as humble people

Mr. Kupoluyi explained that LCCI has been in existence since 1888, exhibiting that Lagos is the Financial Gateway and Financial Centre of West Africa. He described Lagos as a real value and a milestone movement building in the Diplomatic Corps.

“The proposed collaboration will translate to vision , Commercial deal and Wealth creation. It is all about looking beyond demography, looking at Nigeria as the engine of regional production,” Kupoluyi said.

He identified that bilateral trade has high grade of rubber, automatic components and untapped resources, creating Commercial values on African food, adding that there is Cooperation between the Industry and other parts of the World.

He explained that Thailand’s exports on Commercial Agriculture align with Nigerian Agricultural focus, including herbal remedy and food processing across Africa and the Middle East.

Kupoluyi invited Thai Manufacturing facilities to enhance business acumen in Nigeria, noting opportunities in regional servicing and renewable energy.

He declared: “Lagos is the Capitalist State of Africa. Lagos is the key; Nigeria is the doorway. Lagos generates a significant position of Nigeria’s GDP.”

He added that outside the free trade zone, many things are happening in Lekki, and Lagos’ establishment has allowed Manufacturers to produce Locally and seamlessly around the globe.

The forum also featured presentations from the Export-Import Bank (EXIM) of Thailand as well as SOREX, offering various windows to foster trade between the countries.

EXIM Thailand, as a State-owned specialized Financial Institution under the supervision of reinforced its position as an “Export Co-pilot” —a strategic partner working alongside Thai businesses, particularly small and medium-sized enterprises (SMEs), to navigate global Economic volatility and expand into international markets confidently.
The EXIM introduction to the Nigerian market offers
· Financial support and risk management – providing solutions against buyer default risk, foreign exchange risk, and international payment risk, while supporting adaptation to global trade standards;
· Expansion into new high-potential markets – diversifying risks and replacing existing markets affected by geopolitical tensions;
· Integrated ecosystem building – collaborating with partner organisations to create a comprehensive Export Ecosystem for the sustainable growth of Thai entrepreneurs.

Enumerating further, with Exports accounting for more than 50% of Thailand’s GDP, and fewer than 30,000 Thai exporters represent only 1% of approximately 3.1 million entrepreneurs Nationwide even as the Bank focused on three key strategies in 2026: enhancing liquidity for SME exporters affected by trade wars and geopolitical tensions; managing risks through export credit insurance and foreign exchange risk management tools; and enhancing SMEs’ global competitiveness through programmes such as the EXIM 2X (Accelerated Exporter) Programme, a comprehensive Export Development Initiative covering knowledge, funding access, international trade risk management, AI for Exporters, ESG Business practices, and Business matching activities.

At the Thailand-Nigeria Business Forum, EXIM Thailand’s presentation underscored its commitment to facilitating Thai-Nigerian trade by offering tailored financial solutions, including trade finance, export credit insurance, and investment advisory services designed to de-risk cross-border transactions and unlock new opportunities in the Nigerian market.

SOREX also presented various windows to foster trade between Thailand and Nigeria. The organization’s participation signals Thailand’s commitment to deploying diverse institutional and private-sector mechanisms to facilitate business linkages. Such entities typically provide platforms for trade facilitation, business matching, and investment advisory services, complementing the efforts of EXIM Thailand and the Lagos Chamber of Commerce and Industry in connecting Thai and Nigerian enterprises.

The high-level business forum was attended by distinguished Business Leasers, Investors , and Stakeholders from both Thailand and Nigeria, underscoring the commitment of both Nations to strengthen bilateral Economic relations.