The Lagos State Government and Thailand have expressed a 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 issued on Friday by Mrs Salehu-Badejo Abimbola, Director of the Public Affairs Unit, Ministry of Commerce, Cooperatives, Trade and Investment.
Speaking at the forum, Governor Babajide Sanwo-Olu, represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, said annual bilateral trade between Nigeria and Thailand, currently slightly above $200 million, remained modest compared with the economic potential of both countries.
Sanwo-Olu 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,” he said.
The governor said the partnership should extend beyond increasing trade volumes to include Thai investments in Nigeria, access to Thai technology and expertise for Nigerian businesses, and joint ventures producing goods and services for local and regional markets.
According to him, such partnerships would strengthen local supply chains, promote technology transfer, develop skills and create quality employment opportunities 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 government had continued to invest in infrastructure, transport systems and digital ecosystems, while implementing initiatives designed to improve the ease of doing business.
The governor urged Thai business leaders to identify viable investment opportunities, establish partnerships with Nigerian companies, understand the regulatory environment and invest in commercially sustainable ventures.
He assured investors that the Lagos Government would continue to improve infrastructure and public institutions, support innovation and strengthen collaboration with the private sector.
Sanwo-Olu also stressed that the business forum should serve as the beginning of a sustained relationship between Lagos and Thai businesses rather than remain a one-day engagement.
On his part, Thailand’s Deputy Prime Minister and Minister of Foreign Affairs, Mr Sihasak Phuangketkeow, said the Thai delegation came to Nigeria to establish partnerships rather than simply 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, particularly in business networking, tourism, agriculture and other areas 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.
According to him, tourism could strengthen people-to-people relations while building the trust and familiarity needed to sustain long-term economic partnerships between Thailand and Nigeria.
The deputy prime minister also highlighted Thailand’s institutions supporting agricultural production and skills development, saying their expertise 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 businesses in both countries and promote mutually beneficial partnerships.
Also speaking, the President and Chairman of the Lagos Chamber of Commerce and Industry (LCCI), Mr Leye Kupoluyi, said the proposed collaboration could generate commercial deals and create wealth.
Kupoluyi described Lagos as a financial gateway and commercial centre for West Africa, urging Thai manufacturers to explore opportunities for local production, regional servicing and renewable energy.
He added that Thailand’s expertise in commercial agriculture and food processing could complement Nigeria’s efforts to strengthen agricultural development and value addition.
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 Nigeria and Thailand.
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 companies seeking to enter the Nigerian market.
The high-level forum was attended by business leaders, investors and other stakeholders from Thailand and Nigeria.
