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Chief Executive Officer, Commonwealth Enterprise and Investment Council (CWEIC), Ms. Rosie Glazebrook, has urged Nigerian businesses to embrace the Commonwealth advantage of 21 per cent lower bilateral trading costs by forging business partnerships within the Commonwealth member countries.
Glazebrook stated that the Commonwealth is home to some of the world’s fastest-growing economies, a market made up of more than 2.5 billion people and a combined economy of more than $13.5 trillion.
She said: “As the world wakes up to Nigeria’s immense potential, it is more important than ever for Nigerian businesses to forge new international partnerships. And with more than 2.5 billion people and a combined economy of more than $13.5 trillion, where better to start looking than the Commonwealth?
“Commonwealth member states benefit from 21 per cent lower bilateral trading costs, a factor known as the ‘Commonwealth Advantage.’” She explained that CWEIC is the Commonwealth’s business organisation, with a mandate to work across the 56 member states to drive trade and investment, which it does by mobilising partners in both the public and private sectors.
The CWEIC also convene, support, and advise businesses interested in working within and across the Commonwealth. Glazebrook stated that Nigeria currently boasts more than 20 strategic partners, which is the largest group of CWEIC’s strategic partners outside of the United Kingdom (UK).
“For an example of the Commonwealth network in action, look no further than the 2023 Commonwealth Trade and Investment Summit (CTIS), which showcased the vibrancy and vitality of the Commonwealth business community in no uncertain terms. The CWEIC welcomed international businesspeople, ministers, and strategic partners to London for the 2023 summit, which took place at the iconic Glaziers’ Hall on November 27 and 28.
“CTIS showcased the work that CWEIC has been doing to drive trade and investment throughout the Commonwealth network, working alongside more than 150 Strategic Partners to build bridges and provide support to businesses that recognise the Commonwealth’s immense potential,” she said.
The summit enabled delegates to hear from high-quality international speakers such as Lord Mayor of the City of London, Alderman Michael Mainelli; President, African Export-Import Bank, Professor Benedict Orama; Founder and Chairman, Zenith Bank, Mr. Jim Ovia; Founder and Former Chairman, Next International (Nigeria) Limited, Mr. Peter Obi and the Secretary General of AfCFTA, Mr. Wamkele Mene.
The Minister of Trade, Industry and Investment, Dr. Doris Uzoka-Anite, spoke to the delegates during the summit on reducing barriers to trade while the Executive Secretary and CEO of Nigeria Investment Promotion Commission, Mrs. Aisha Rimi, spoke on the importance of human capital, and addressing the ongoing challenge of outwards migration from Africa to the rest of the world:
Ovia, who has been a long-standing CWEIC’s strategic partner, spoke on the subject of investment finance for emerging markets and highlighted the difficulties that emerging markets face in securing dependable and enduring financial resources.
Obi, in his keynote address titled, “Harnessing the African Opportunity” session, emphasised the abundant opportunities present in the African continent while CEO of Seplat Energy Plc, Mr. Roger Brown, advocated for a holistic approach that would balance the imperative to foster development and ensure energy security while prioritising environmental concerns in a session on “Financing the Energy Transition.”
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