By Merit Ibe
Glazebrook
The Commonwealth Enterprise and Investment Council (CWEIC), has disclosed interest in connecting Nigerian top businesses to trade and investment opportunities across the Commonwealth and beyond.
The Chief Executive of CWEIC, Mrs. Rosie Glazebrook, who made the remark, said she is in Nigeria to mobilise the Nigerian business community to attend the forthcoming Commonwealth Trade and Investment Summit scheduled to hold on November 27 and 28, 2023 in London.
Glazebrook disclosed that during her three-day visit, she will be co-chairing 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 (NIAC) as well as host a Commonwealth reception and dinner event to round off her visit. She will also be visiting existing strategic partners and meeting with prospective strategic partners to offer them the opportunity of connecting with trade and investment across the commonwealth.
She emphasised that the Commonwealth has the “Commonwealth Advantage”, adding that trading between Commonwealth countries is on average, 21% cheaper than between non-Commonwealth countries. “So, we want to encourage the break down of barriers to trade, to make it easier for Nigerian businesses and for businesses looking to come to Nigeria and work together.”
Applauding Zenith Bank Plc for consistently being one of the anchor sponsors for the Commonwealth Trade and Investment Summit (CTIS) in the last two years, the CWEIC executive said the council will be looking at its programme in 2024, including a Commonwealth Trade and Investment Forum in Malta in February, 2024 and then plans beyond that in the run up to the Commonwealth Business Forum (CBF 2024), which is in Samoa alongside the Commonwealth Heads of Government (CHOGM) in October, 2024.
Glazebrook said the forum is an opportunity to showcase the best Nigeria can be. “And I think our organisation provides a platform for Nigeria, Nigerian businesses, to really demonstrate where the opportunities are, rather than focusing on the harsh environment.”
On Nigeria’s business climate, she said it is hugely important market for many businesses based across the Commonwealth and beyond. “We work with partners in the Middle East and there’s a great interest in the climate in Nigeria now that there is some stability with the election past and also with the growth that Nigeria is showing and everybody wants to be part of that story.”
Glazebrook said the aim of the forum is to grow partnerships and also looking at ways the organisation can support businesses. She noted that the CWEIC work across sectors ranging from financial services and banking through to oil and gas and healthcare and technology, a whole range of different businesses and infrastructure, etc.
“And of course, underpinning all of this is an interest in growing the skills of the future workforce and the SME opportunities that many of these big businesses can support as well.”
She pointed out that one of the things that we’re looking at in the Commonwealth is focusing on the ease of business. “And so, we have the Commonwealth Standards Network, and I think we’d really embrace that with all the businesses in Nigeria who can then link in and find it easier to grow their market and grow together.
And the other area that we work on is the Commonwealth Legal Network, which has strong representation from Nigeria as well. So, it’s finding ways to make business easier and break down those barriers to trade.
“We recently had the Commonwealth Trade and Investment Forum in Bangladesh. We were delighted to have a strong Nigerian presence there. And I know that many of the countries that we are working with are looking to build much greater business ties together.
“The Commonwealth represents a huge population and also a huge number of business opportunities and that is what we’re seeking to harness. So, whether it is Bangladesh or Nigeria, or Nigeria and Singapore and Australia, or Nigeria and the rest of Africa, and clearly in the context of the AfCFTA.”
“We want to make sure that Nigeria has every opportunity to showcase what it is able to do for their business community and work with overseas partners and really grow those connections.
“And our organisation, the Commonwealth Enterprise and Investment Council, we have over 150 Strategic Partners. We’re growing fast, we have 12 Hubs around the globe. And we’re very pleased to have a hub here in Lagos that looks after our Nigerian Strategic Partners. And what we are looking to do is to use our hubs across the globe as an entry point for many businesses who want to go and enter new markets and find their way around local connections with businesses and government.”
“And I’m pleased to say that we’ve grown 30% in the last year and a half, because the businesses we work with see the huge value of what we do and they all want to stay in the network because it’s really bringing them success. And that is ultimately how I measure our impact, looking after the businesses who are our Strategic Partners and really raising the profile of how the Commonwealth can support that.”
On the target of the number of businesses in Nigeria to join the organisation, she said: “So I think in the next five years, we would like to see more Nigerian businesses be part of what we do and benefit from our network. I’m optimistic about our growth in Nigeria as we see the country as a huge growth economy not just in Africa but in the Commonwealth and beyond. And we don’t want to put any limits on how many businesses in Nigeria, we would encourage to be part of what we do. Nigeria is second to the UK in the number of our Strategic Partners and I would like it to grow even further. She confirmed that Nigeria has about 21 Strategic Partners which include; 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.