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Stating that the current gross domestic product (GDP) of Commonwealth is $14.5 trillion and is estimated at $19.5 trillion increase by 2027, Chief Executive Officer (CEO), CWEIC, Rosie Glazebrook, said the council invested in a dissolution of trade barriers that counter the ease of trade in Nigeria.
Speaking at a media parley in Lagos, on the upcoming Commonwealth Trade and Investment Summit slated for November 27 to 28, in London, she said Nigeria’s investment climate elicits much interest, especially after the concluded general elections, which has reinstated stability.
She urged businesses in Nigeria to leverage on the summit and also the Commonwealth Trade and Investment Forum, which would be held in October 2024, at Samoa before the Commonwealth Heads of State Summit to accelerate business relations and growth.
She said that though Nigeria emerged second after the United Kingdom (UK) in its strategic partnership rating, CWEIC seeks to advance the trade and investment sector by providing support to businesses.
Explaining the need for deeper trade relations, she stressed that trade between Commonwealth countries is 21 per cent cheaper.
“Trading between Commonwealth countries is on average 21 per cent cheaper. This is why we encourage the breakdown of the trade barrier to make it easier for Nigerian businesses. The Commonwealth has a huge population and huge business opportunities and that is what we seek to harness,” she said.
Glazebrook stated that the organisation seeks to follow-up on partnership, in order to support businesses and to build links across other sectors.
“We are growing our partnership and looking at ways that we can support businesses in trade and investments, while building the link with businesses across sectors ranging from financial services, oil and gas, healthcare and technology,” she said.
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