The Lagos State Government and Thailand have expressed commitment to strengthening economic ties through increased investment, technology transfer and joint ventures across key sectors.
The commitment was made at the Thailand-Nigeria Business Forum held in Lagos on Thursday, according to a statement by the Director of Public Affairs, Ministry of Commerce, Cooperatives, Trade and Investment, Mrs Abimbola Salehu-Badejo.
Gov. Babajide Sanwo-Olu, represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, said the current bilateral trade volume of slightly above $200 million annually remained modest compared with the potential of both economies.
He said Lagos was ready to partner with Thai businesses in agriculture, agro-processing, manufacturing, automotive components, electronics, consumer goods, logistics, digital technology, healthcare, hospitality and tourism.
“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,” Sanwo-Olu said.
The governor said the partnership should extend beyond increasing trade volumes to include Thai investments in Nigeria, access by Nigerian businesses to Thai technology and expertise, and joint ventures producing for local and regional markets.
According to him, such partnerships would strengthen local supply chains, facilitate technology transfer, develop skills and create quality jobs for Lagos residents.
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.
He said the state had continued to invest in infrastructure, transport systems, digital ecosystems and initiatives designed to improve the ease of doing business.
The governor urged Thai business leaders to identify investment opportunities, establish partnerships with Nigerian businesses, understand the regulatory environment and invest in viable ventures.
He assured investors that the state government would continue to improve infrastructure, strengthen public institutions, support innovation and deepen engagement with the private sector.
Sanwo-Olu said the forum should serve as the beginning of a sustained relationship between Lagos and Thai businesses rather than a one-day engagement.
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.
“We are not here to explore, we are here to build partnerships,” he said.
Phuangketkeow said Thailand was seeking stronger economic partnerships with Nigeria through business networking, tourism, agriculture and other sectors where both countries could leverage their respective strengths.
He identified medical and wellness tourism, agro-tourism, culinary tourism, cultural and heritage tourism, and business tourism as areas with significant potential for collaboration.
The deputy prime minister said tourism could strengthen people-to-people relations and build the trust and familiarity needed for sustained economic partnerships between Thailand and Nigeria.
He added that Thailand had institutions supporting agricultural production and skills development that could contribute to Nigeria’s efforts to improve commercial agriculture and value addition.
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.
President and Chairman of the Lagos Chamber of Commerce and Industry, Mr Leye Kupoluyi, said the proposed collaboration could translate into commercial deals and wealth creation.
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.
He said Thailand’s expertise in commercial agriculture, food processing and other sectors could complement Nigeria’s agricultural development efforts.
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 the two countries.
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 seeking to enter the Nigerian market.
The forum was attended by business leaders, investors and other stakeholders from Thailand and Nigeria.