Sanwo-Olu expresses administration’s commitment to promoting trade

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

Sanwo-Olu made this commitment on Tuesday at the opening ceremony of the 2024 China Commodities Expo Nigeria (CCE), held at the Landmark Event Centre on Water Corporation Drive, Victoria Island, Lagos. He noted that the state government recognizes that strong bilateral relationships are vital for attracting foreign investments that will drive infrastructure development and create jobs.

Represented by the Deputy Governor, Dr. Kadri Obafemi Hamzat, Sanwo-Olu emphasized that Lagos, as Nigeria’s commercial capital, plays a pivotal role in driving economic progress and embracing innovation. He pointed out that the China Commodities Expo is not just an exhibition but a testament to the state government’s commitment to strengthening international trade relations.

“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,” he stated.

Governor Sanwo-Olu described the event as significant at a time when the world is evolving its economies and advancing technologies. He noted that it would provide essential platforms for mutual benefit and showcase a diverse range of Chinese products and services, creating opportunities for Nigerian businesses to engage with innovative solutions and expand their networks.

According to him, 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 center of commerce, innovation, and culture, Sanwo-Olu stated that the state has become a gateway for global trade and investment, built on a foundation of collaboration and openness to partnerships.

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“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, this 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,” the governor added.

He commended Chinese partners, exhibitors, and organizers for their commitment to realizing the expo, expressing his belief that the event would serve as a celebration of collaboration, innovation, and mutual growth between Nigeria and China.

“I am confident that this event will serve as a celebration of collaboration, innovation, and mutual growth between Nigeria and China,” he concluded.

The Acting Consul General of the People’s Republic of China in Lagos, Jin Mingyu, in his welcome address, 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.

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

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

The Acting Consul General further noted that over the next three years, the Chinese government would 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 and 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 enhance production capabilities, export value-added products, and improve export competitiveness.

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

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