LAGOS, THAILAND MOVE TO DEEPEN ECONOMIC COOPERATION, INVESTMENT TIES

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By:Tajudeen Aminat

The Lagos State Government and Thailand have reaffirmed their commitment to expanding economic cooperation through increased investments, technology transfer and joint ventures in key sectors.

The commitment was disclosed in a statement issued on Friday by the Director of Public Affairs, Ministry of Commerce, Cooperatives, Trade and Investment, Mrs Salehu-Badejo Abimbola.

According to the statement, the development followed discussions at the Thailand-Nigeria Business Forum held in Lagos on Thursday.

Speaking at the forum, Governor Babajide Sanwo-Olu said the annual trade volume between Nigeria and Thailand, currently slightly above $200 million, remained low compared with the economic potential of both sides.

Represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, the governor said Lagos was prepared to collaborate with Thai businesses in agriculture, agro-processing, manufacturing, automotive components, electronics, consumer goods, logistics, digital technology, healthcare, hospitality and tourism.

“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 said.

He said the partnership should extend beyond increasing bilateral trade to attracting Thai investments into Nigeria, enabling Nigerian businesses to access Thai technology and expertise, and establishing joint ventures capable of serving both local and regional markets.

According to him, such partnerships would strengthen local supply chains, promote technology transfer, develop human capital and create quality employment opportunities for Lagos residents.

Sanwo-Olu described Lagos as Nigeria’s commercial hub, a major financial and technology centre and a gateway to one of Africa’s largest consumer markets.

He said the state had continued to invest in infrastructure, transportation networks, digital ecosystems and initiatives designed to improve the ease of doing business.

The governor urged Thai investors to identify viable opportunities, establish partnerships with Nigerian businesses, familiarise themselves with the regulatory environment and invest in sustainable ventures.

He also assured investors that the state government would continue to improve infrastructure, strengthen public institutions, encourage innovation and deepen cooperation with the private sector.

Sanwo-Olu said the business forum should serve as the beginning of a long-term relationship between Lagos and Thai businesses rather than remain a one-day engagement.

On his part, Thailand’s Deputy Prime Minister and Minister of Foreign Affairs, Sihasak Phuangketkeow, said the Thai delegation was in Nigeria to establish meaningful partnerships rather than simply assess business opportunities.

“We are not here to explore, we are here to build partnerships,” he said.

Phuangketkeow said Thailand was interested in expanding economic cooperation with Nigeria, particularly in business networking, tourism, agriculture and other sectors where both countries could leverage their respective strengths.

He identified medical and wellness tourism, agro-tourism, culinary tourism, cultural and heritage tourism as well as business tourism as areas with strong prospects for collaboration.

According to him, tourism could deepen people-to-people connections while building the trust and familiarity needed for sustainable economic partnerships between the two countries.

The Thai official also noted that Thailand had institutions with expertise in agricultural production and skills development that could support Nigeria’s drive to expand commercial agriculture and increase value addition.

The Ambassador of Thailand to Nigeria, Thirapath Mongkolnavin, said the forum was organised to link businesses from both countries and facilitate mutually beneficial partnerships.

Also speaking, the President and Chairman of the Lagos Chamber of Commerce and Industry, Leye Kupoluyi, said the proposed partnerships could result in concrete business deals, investment and wealth creation.

Kupoluyi described Lagos as a major financial gateway to West Africa and encouraged Thai manufacturers to explore opportunities in local production, regional servicing and renewable energy.

He said Thailand’s expertise in commercial agriculture and food processing could complement Nigeria’s efforts to develop its agricultural sector.

The forum featured presentations by the Export-Import Bank of Thailand and SOREX on mechanisms for promoting trade, investment and business connections between Nigeria and Thailand.

EXIM Thailand presented financial instruments, including trade finance, export credit insurance and investment advisory services, aimed at reducing risks associated with cross-border transactions and supporting Thai companies seeking to enter the Nigerian market.

The forum was attended by business leaders, investors and other stakeholders from Nigeria and Thailand.