Lagos, Thailand seek deeper economic ties, investment partnerships

Lagos State and Thailand are forging a closer economic relationship, with both parties expressing a strong commitment to deepening investment, facilitating technology transfer, and establishing joint ventures. This initiative aims to significantly boost bilateral trade, which currently stands at just over $200 million annually, a figure considered modest given the potential of both economies.

Governor Babajide Sanwo-Olu, represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, emphasized Lagos's readiness to collaborate with Thai businesses. The state offers a substantial market, skilled talent, and strong connectivity, while Thailand brings capital, advanced technology, and globally competitive enterprises. Governor Sanwo-Olu identified agriculture, agro-processing, manufacturing, automotive components, electronics, logistics, digital technology, healthcare, hospitality, and tourism as key sectors for potential partnerships.

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Lagos offers scale, talent, markets and connectivity; Thailand brings capital, technology, expertise and globally competitive businesses. There is considerable value in putting these strengths together.

The governor stressed that the collaboration should extend beyond merely increasing the exchange of goods. He envisions Thai investments flowing into Nigeria, Nigerian companies gaining access to Thai technology and expertise, and joint ventures being formed to serve both local and regional markets. Such partnerships are expected to strengthen local supply chains, accelerate technology transfer, develop essential skills, and generate quality employment opportunities for Lagos residents.

Governor Sanwo-Olu described Lagos as Nigeria's commercial hub and a gateway to one of Africa's largest consumer markets, noting the state's ongoing investments in infrastructure, transportation, and digital ecosystems to improve the ease of doing business. He urged Thai business leaders to explore opportunities, identify suitable Nigerian partners, understand the regulatory landscape, and invest in viable ventures. The governor assured potential investors of the state government's continued support through infrastructure development, institutional improvements, innovation support, and deepened private sector engagement. The Thailand-Nigeria Business Forum was intended to mark the beginning of a sustained relationship, not just a one-day event.

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We are not here to explore, we are here to build partnerships.