Sanwo-Olu courts foreign direct investment, assures investors of mutual benefits
By Adeola Ogunrinde
Governor Babajide Sanwo-Olu on Monday called on the 56 member states of the Commonwealth of Nations to deepen investment in Africa, with particular emphasis on Lagos, urging them to bring capital, technology and expertise, assuring of mutually beneficial partnerships.
He stressed that the commonwealth’s greatest strength lies not only in its shared language, legal systems or history, but in its people, noting that this advantage is most evident and impactful in Africa’s rapidly evolving economic landscape.
Speaking as keynote speaker at the opening ceremony of the Commonwealth Trade and Investment Summit held at Mansion House, London, Sanwo-Olu said Lagos remains open and ready to build strategic alliances with global investors.
The summit, themed “The Commonwealth’s Advantage,” attracted high-level participants including Lord Marland, Chair of the Commonwealth Enterprise and Investment Council; Shirley Botchwey; Ian Borg; and Susan Langley, alongside heads of government, ministers, diplomats and business leaders.
Highlighting Africa’s demographic advantage, Sanwo-Olu noted that the continent is home to the world’s youngest population, projecting that by 2050, one in four people globally will be African. He added that with the commonwealth’s population standing at 2.7 billion, a growing share resides in Africa, making the continent central to the bloc’s future relevance in global trade and investment.
Furthermore, he pointed to rising global uncertainties, including trade tensions and shifting geopolitical dynamics, arguing that the ommonwealth offers a trusted platform for collaboration. According to him, the bloc’s shared commitment to rule of law, democratic governance and open markets provides a solid foundation for business confidence, especially when emerging markets are treated as equal partners.
Turning to Lagos, the governor described the state as Nigeria’s economic hub, contributing about a third of the country’s Gross Domestic Product. He said his administration remains committed to transforming Lagos into a 21st-century megacity through the THEMES+ development agenda, aimed at improving the lives of over 20 million residents.
Meanwhile, Sanwo-Olu announced that Lagos will host the third edition of its flagship investment summit, Invest in Lagos 3.0, scheduled for June 8 and 9 at Eko Hotels & Suites. He added that the event will be organised in strategic partnership with the Commonwealth Enterprise and Investment Council, while the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, outlined the state’s efforts to attract and mobilise capital during a plenary session at the summit.
