Lagos, Arabian Gulf Chamber Of Commerce Sign MoU To Explore Investment Opportunities

Lagos State Governor, Mr. Babajide Sanwo-Olu, has signed a Memorandum of Understanding (MoU) on behalf of Lagos State Government with the Nigerian-Arabian Gulf Chamber of Commerce (NAGCC) on Sunday in Dubai, United Arab Emirates (UAE) at the ongoing COP28 climate summit.

Governor Sanwo-Olu announced this in a message Sunday night where he revealed that the MoU is aimed at fostering and exploring trade and investment opportunities between Lagos and member countries of the chamber.

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

Sanwo-Olu 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 stated.

“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 and investments in the 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.”