Commonwealth Urges Nigerians to Take Advantage of 21% Lower Trading Costs

Dike Onwuamaeze

The Chief Executive Officer of Commonwealth Enterprise and Investment Council (CWEIC), Ms. Rosie Glazebrook, has urged Nigerian businesses to embrace the organisation’s advantage of 21 per cent lower bilateral trading costs by forging business partnerships with member countries.

Glazebrook stated that the Commonwealth remains home to some of the world’s fastest-growing economies, and a market made up of more than 2.5 billion people and a combined economy of more than $13.5 trillion.

She said: “As the world wakes up to Nigeria’s immense potential, it is more important than ever for Nigerian businesses to forge new international partnerships. And with more than 2.5 billion people and a combined economy of more than $13.5 trillion, where better to start looking than the Commonwealth?
“Commonwealth member states benefit from 21 per cent lower bilateral trading costs, a factor known as the ‘Commonwealth Advantage.’”

The chief executive explained that CWEIC is the Commonwealth’s business organisation, with a mandate to work across the 56 member states to drive trade and investment, which it does by mobilising partners in both the public and private sectors.

The CWEIC, she said, also convenes, supports and advises businesses interested in working within and across the Commonwealth.
She stated that Nigeria currently boasts more than 20 strategic partners, which is the largest group of CWEIC’s strategic partners outside of the United Kingdom.