Lagos Signs MoU To Explore Investment Opportunities With Arabian Gulf Chamber Of Commerce

Eko Hot Blog reports that the Lagos State Government and the Nigerian-Arabian Gulf Chamber of Commerce (NAGCC) have signed a Memorandum of Understanding (MoU).

Lagos State Governor, Babajide Sanwo-Olu, signed the MoU on behalf of Lagos on Sunday in Dubai, United Arab Emirates (UAE) where he attended the COP28 climate summit.

The NAGCC Chairman, Sheikh Abdul Rahman Saif bin Saif Al Sharqi, signed the document on behalf of his organization.

In a social media post late Sunday night, Sanwo-Olu revealed that the MoU is aimed at fostering and exploring trade and investment opportunities between Lagos and member countries of the chamber.

He added that the agreement will facilitate bilateral trade and investment forums and also establish a structured platform for dialogue, collaboration, and the exchange of innovative ideas.

“I am pleased to announce that today, we signed a Memorandum of Understanding (MoU) with Sheikh Abdul Rahman Saif bin Saif Al Sharqi, Chairman of the Nigerian-Arabian Gulf Chamber of Commerce (NAGCC),” the Lagos governor wrote.

“This MoU aims to foster and explore trade and investment opportunities between Lagos and member countries of the Arabian Gulf Chamber of Commerce (GCC).

“This agreement will not only facilitate bilateral trade and investment forums but also establish a structured platform for dialogue, collaboration, and the exchange of innovative ideas between the business communities of Lagos State and the Arabian GCC.”

The MoU signing comes a few days after Sanwo-Olu sought international funding/investments in Lagos’ water sector.

The governor noted that although Lagos faces a daily demand of 700 million gallons of water, it struggles to supply even 210 million due to infrastructure shortages.

“Lagos needs about $2.8 billion investment in water infrastructure to meet the population’s needs. It’s time to bridge this gap through strategic partnerships,” he said.

“I highlighted the urgency for equitable global investment in water projects. Every human deserves equal access to clean water, regardless of gender or location. Lagos, with its youthful population, is a promising investment hub, and we need committed partners that want to drive real change.”

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