The Chief Executive Officer (CEO), of the Commonwealth Enterprise and Investment Council (CWEIC), Rosie Glazebrook, has emphasised the necessity of policies and strategies that promote ease of doing business in Nigeria and Commonwealth countries for accelerated economic growth.

Stating that the current GDP of Commonwealth is $14.5 trillion, and is estimated to increase to $19.5 Trillion by 2027, she said that the council is interested in the dissolution of trade barriers that counter the ease of trade and investment in Nigeria.

Glazebrook said this in Lagos recently when she held a media parley to speak on the Commonwealth Trade and Investment Summit, which is slated for November 27 and 28, 2023, in London, as well as the Commonwealth Trade and Investment Forum in Malta in February 2024 and Commonwealth Business Forum that will hold in Samoa in October 2024.

She also mentioned that she took out time to visit CWEIC’s existing strategic partners as well as some prospective strategic partners and co-chaired the Nigerian International Advisory Council (NIAC) meeting with Mr. Olasupo Shasore, SAN, Partner, Africa Law Practice NG & Co who is the chairman of the Nigerian advisory board as well as host a Commonwealth reception and dinner event to round off her visit.

She said that 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 opportunities that would be created by the upcoming trade and investment events 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’s countries is 21 per cent cheaper.

“Trading between Commonwealth’s 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 CWEIC 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, etc” she said.

She said that the council is committed to growing the work force and opportunities for small and medium scale enterprises (SME), as a way to showcase Nigeria’s impact in its business community for more partnership engagements with other nations.

She added that the organisation has positioned strategic hubs (including the Nigeria Hub) around the globe to foster connectivity between businesses, their communities and government.

“We have 12 hubs around the globe and there’s one here in Lagos. We use our hubs as an entry point for many businesses who wants to go into new markets and find their way around the local connections and government,” said Glazebrook.

She stated that Nigeria is the second biggest hub after the UK with about 21 strategic partners, which includes Dangote Group, Famfa Oil Limited, Zenith Bank Plc, African Export Import Bank, Seplat Energy, Lagos Free Zone, Africa Law Practice NG & Co, Custodian Investment Plc, Novare Equity Partners, Leadway Assurance, L.A.T Cleveson, Investment One, Next International Nigeria Limited, Prime Atlantic, Chicason Group, YOA Insurance Brokers, Emerging Africa Group, Honeywell Group, LandAfrique, Matrix Energy and Calaya Engineering Services.