SANWO-OLU REAFFIRMS LAGOS’ COMMITMENT TO STRENGTHENING BRITISH–NIGERIAN ECONOMIC PARTNERSHIP

Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, has restated that his administration is committed to continuing to strengthen the pro-business environment in Lagos, reducing friction, increasing transparency, and ensuring that investors feel confident and secure.

Speaking on Monday at the 2025 Presidential Inauguration Dinner of the Nigerian-British Chamber of Commerce, held at Eko Hotel and Suites, Victoria Island, the Governor noted that the state is creating a more efficient, transparent, and innovation-friendly environment for citizens and businesses alike.

Sanwo-Olu, who was represented at the event by the Deputy Governor, Dr. Kadri Obafemi Hamzat, reassured the state government’s commitment to working with the United Kingdom and strengthening the British–Nigerian economic relations.

His words, “I reaffirm that Lagos is, and will remain, open for business. Let me reaffirm Lagos State’s unwavering commitment to this partnership. We in Lagos State, assure you of our commitment to work with you and strengthen the British–Nigerian economic relations. Together, we can shape a future where trade, investment, and enterprise become engines not only of economic prosperity, but of social development and sustainable growth.”

Sanwo-Olu noted that through the state’s T.H.E.M.E.S+ development agenda, the government is developing infrastructures that include rails, roads, waterways, and so on. Besides, strengthen logistics assets and modernize financial and commercial districts.

The Governor stated that the inauguration of a new President offers yet another opportunity to deepen both nations’ joint achievements through structured dialogues, targeted investment promotion, and sustained cooperation.

He also noted that deepening the Nigeria–UK economic partnership requires a focused, four-pillar approach, which includes; need to diversify trade and promote Nigerian exports, adding that by empowering SMEs, especially in non-oil sectors such as agro-processing, light manufacturing, and the creative industries, the government can open new pathways into UK markets.

He added that the government should scale investments and mitigate risks by establishing a UK–Nigeria Investment Council based in Lagos, bringing together government, investors, and private-sector leaders to co-invest in infrastructure, innovation, and social enterprise.

Accordingly, the government must strengthen its innovation and technology ecosystem by encouraging UK–Nigeria collaborations in fintech, health tech, climate tech, and digital infrastructure, while fostering knowledge transfer between universities and research institutions. He also emphasized that the government must continue to build sustainable infrastructure that not only enhances trade and connectivity but also creates jobs, develops skills, and expands opportunities for local enterprises.

“The data is clear, the momentum is real, and the will to deepen our ties has never been stronger. Nigeria, especially Lagos, offers more than access to Africa’s largest economy. We offer a young, dynamic population, a vibrant innovation ecosystem, and infrastructure that is growing in sophistication and scale. To policymakers on both sides, let us institutionalize our cooperation, eliminate transactional barriers, and invest in shared prosperity,” stated Sanwo-Olu.

While pointing out a few examples that illustrate how UK–Nigeria collaboration is already producing transformative outcomes, he stated that consider Twinings Ovaltine Nigeria, a wholly British Foods–owned company that has committed N38 billion to establish full manufacturing capacity in Lagos, specifically in Ogba.

In his speech, Former Governor of Lagos State/Chairman of the day, Mr. Babatunde Raji Fashola (SAN) reaffirmed Nigeria’s pivotal role in driving Africa’s economic integration, development, and global competitiveness, calling for stronger collaboration between trade and foreign relations institutions across the continent.

Fashola emphasized that Africa’s greatest limitation is not external forces but internal constraints, citing the historical trade practices that thrived on the continent without modern technology. “Africa has no excuse not to deepen intra-continental trade in today’s digitized and interconnected world,” he stressed.

He highlighted the need for African nations, especially Nigeria, to prioritise small and medium-scale enterprises (SMEs), which he described as the backbone of every thriving economy. “I want to urge all 54 African countries to critically examine the barriers affecting SMEs and develop tailored solutions that support cross-border production, supply, and innovation,” he concluded.

In his goodwill message, British Deputy High Commissioner Mr. Jonny Baxter reiterated the United Kingdom’s strong commitment to deepening trade and investment ties with Nigeria, emphasizing the importance of ongoing collaboration between the two nations.

Baxter noted that under the UK’s Developing Countries Trading Scheme, over 90 percent of Nigerian exports enter the UK duty-free, underscoring the country’s dedication to fostering a more open and mutually beneficial trading environment. “The significance of the UK–Nigeria Advanced Trade and Investment Partnership, a framework designed to identify and resolve barriers to bilateral trade,” he said

In his lecture, President/Chairman, African Export-Import Bank, Prof. Benedict Oramah called for a new wave of responsible leadership that dismantles negative values, mobilises human capital, and drives structural transformation to position Africa as a competitive player in the global economy.

His words, “Africa’s future depends on leaders and institutions capable of transforming economic realities through innovation, market access, industrialization, and strengthened domestic value chains. Amid global realignments such as nearshoring, reshoring, and the restructuring of global supply chains, Africa was urged to seize emerging opportunities rather than dwell on historical setbacks.”

In his welcome address, Chairman Planning Committee, NBCC Presidential Dinner and Awards ceremony, Mr. Tajudeen Ahmed restated the chamber’s unwavering 48-year mandate to deepen the scale and quality of trade and investment between Nigeria and the United Kingdom.

According to him, “We are here to inaugurate Prince Abimbola Olashore as the 19th President and Chairman of Council. Let me emphasize our chamber’s dedication to fostering stronger socio-economic ties between Nigeria and the United Kingdom while inspiring our members and partners to pursue higher standards of leadership, innovation, and organizational growth. A commitment we vowed never to be compromised.”