Lagos, Thailand seek deeper economic ties, investment partnerships

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Lagos State Government and Thailand have expressed commitment to deepen economic ties through increased investment, technology transfer and joint ventures across key sectors.

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The government said this in a statement issued by Mrs Salehu-Badejo Abimbola, Director, Public Affairs Unit, Ministry of Commerce, Cooperatives, Trade and Investment, on Friday.

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The statement said the commitment was made at the Thailand-Nigeria Business Forum held in Lagos on Thursday.

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The statement quoted Gov. Babajide Sanwo-Olu to have said the current bilateral trade volume of slightly above $200 million annually was modest compared with the potential of both economies.

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Sanwo-Olu, represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, said the figure presented significant room for growth.

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He said Lagos was ready to partner Thai businesses in agriculture, agro-processing, manufacturing, automotive components, electronics, consumer goods, logistics, digital technology, healthcare, hospitality and tourism.

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“Lagos offers scale, talent, markets and connectivity; Thailand brings capital, technology, expertise and globally competitive businesses.

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“There is considerable value in putting these strengths together,” the governor said.

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According to him, the partnership should go beyond increasing the volume of goods exchanged to include Thai investments in Nigeria, Nigerian businesses accessing Thai technology and expertise, and joint ventures producing for local and regional markets.

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He said such partnerships would strengthen local supply chains, facilitate technology transfer, develop skills and create quality jobs for Lagos residents.

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Sanwo-Olu described Lagos as Nigeria’s commercial nerve centre, a major financial and technology hub and a gateway to one of Africa’s largest consumer markets.

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He said the state had continued to invest in infrastructure, transport systems, digital ecosystems and initiatives aimed at improving the ease of doing business.

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The governor urged Thai business leaders to identify opportunities, find suitable Nigerian partners, understand the regulatory environment and invest in viable ventures.

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He assured investors that the state government would continue to strengthen infrastructure, improve public institutions, support innovation and deepen engagement with the private sector.

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Sanwo-Olu said the forum should mark the beginning of a sustained relationship between Lagos and Thai businesses rather than a one-day engagement.

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On his part, Thailand’s Deputy Prime Minister and Minister of Foreign Affairs, Mr Sihasak Phuangketkeow, said the Thai delegation was in Nigeria to build partnerships rather than merely explore business opportunities.

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“We are not here to explore, we are here to build partnerships,” he said.

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Phuangketkeow said Thailand was seeking stronger economic partnerships with Nigeria, particularly through business networking, tourism, agriculture and other areas where both countries could leverage their respective strengths.

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He highlighted medical and wellness tourism, agro-tourism, culinary tourism, cultural and heritage tourism, and business tourism as areas with significant collaboration opportunities.

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The deputy prime minister said tourism could strengthen people-to-people ties and build the trust and familiarity required for sustained economic partnerships between Thailand and Nigeria.

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He also said Thailand had institutions supporting agricultural production and skills development that could contribute to Nigeria’s efforts to improve commercial agriculture and value addition.

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The Ambassador of Thailand to Nigeria, Mr Thirapath Mongkolnavin, said the forum was designed to connect business opportunities in both countries and promote mutually beneficial partnerships.

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Also speaking, President and Chairman of the Lagos Chamber of Commerce and Industry (LCCI), Mr Leye Kupoluyi, said the proposed collaboration could translate into commercial deals and wealth creation.

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Kupoluyi described Lagos as the financial gateway and centre of West Africa, urging Thai manufacturers to explore opportunities for local production, regional servicing and renewable energy.

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He said Thailand’s expertise in commercial agriculture, food processing and other areas could complement Nigeria’s agricultural development efforts.

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The forum featured presentations by the Export-Import Bank of Thailand (EXIM Thailand) and SOREX on mechanisms for facilitating trade, investment and business linkages between both countries.

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EXIM Thailand presented financial solutions including trade finance, export credit insurance and investment advisory services aimed at reducing risks associated with cross-border transactions and supporting Thai businesses entering the Nigerian market.

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The high-level forum was attended by business leaders, investors and other stakeholders from Thailand and Nigeria.

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