Governor Babajide Sanwo-Olu stated that his administration is committed to creating an economic environment that fosters development in Lagos State by promoting trade, encouraging investment, and supporting local enterprises.
Represented by his Deputy, Dr. Kadri Obafemi Hamzat, Governor Sanwo-Olu made this statement today at the opening ceremony of the 2024 China Commodities EXPO Nigeria (CCE), held from November 5 to November 8 at the Landmark Event Centre on Water Corporation Drive, Victoria Island, Lagos.
Speaking at the event, Governor Sanwo-Olu emphasized the importance of bilateral relationships in attracting foreign investment to enhance infrastructure development and create jobs in Lagos.
He highlighted the event’s significance in a rapidly advancing global economy and noted its potential to create opportunities for Nigerian businesses, provide innovative solutions, and expand networks.
Governor Sanwo-Olu further explained that the collaboration aims to boost critical sectors such as manufacturing, energy, infrastructure, and technology.
He described Lagos State as a hub for commerce, innovation, and culture.
Praising Chinese partners, exhibitors, and organizers for their commitment to this meeting, he reaffirmed the state’s openness to collaboration and its potential to become a gateway for global trade and investment.
The Acting Consul General of the People’s Republic of China in Lagos, Jin Mingyu, remarked on the event’s role in fostering deeper understanding and cooperation between the two parties.
Reflecting on the previous partnership at the Forum on China-Africa Cooperation (FOCAC) Beijing Summit, he noted that both sides signed a cooperation plan for the ‘Belt and Road Initiative,’ which has strengthened mutual trust and brought new heights to China-Nigeria economic and trade relations.
The Acting Consul General added that over the next three years, the Chinese government plans to encourage Chinese enterprises to invest no less than 70 billion RMB in Africa, reinforcing China-Africa and China-Nigeria economic cooperation.
Dr. Muda Yusuf, Founder and CEO of the Centre for the Promotion of Private Enterprise (CPPE), emphasized the need to enhance trade complementarity between Nigeria and China, focusing on production capabilities, export of value-added products, and export competitiveness.
He highlighted the benefits of trade in machinery, power generation equipment, and ICT, advising that Nigeria should not be overly dependent on imports for essential goods.
In a statement, Yusuf said, “The expo shows that the Chinese have a long-term investment perspective and confidence in the resilience of the Nigerian economy. The Nigerian economy will turn the corner sooner than later. I want to assure Chinese investors that their confidence is not misplaced.”
By Helen Okechukwu
