Lagos, Gauteng sign MoU on strategic cooperation

Nigeria's Lagos State and South Africa's Gauteng Province will sign a strategic memorandum of understanding to drive business relations between the economic capitals of Africa's two largest economies.

Fri, 02 Jun 2017 08:38:49 GMT

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The strategic memorandum of understanding aims to strengthen economic ties between Lagos State and Gauteng Province, fostering a sister relationship between the two economic powerhouses and facilitating knowledge exchange and collaboration on governance.
The agreement focuses on establishing a structured government-to-government relationship to drive economic growth and cooperation, with the potential to significantly impact bilateral trade and the GDP of both regions.
The emphasis on intra-African trade highlights the importance of prioritizing commerce between neighboring African countries with shared values, aiming to maximize comparative advantages and improve the livelihoods of their populations.

Lagos State in Nigeria and Gauteng Province in South Africa are set to strengthen their economic relations with the signing of a strategic memorandum of understanding (MoU). Ademola Abass, the Special Adviser to the Lagos State Governor for Overseas Affairs and Investment, highlighted the significance of this agreement in fostering a sister relationship between the two economic powerhouses. Both Lagos and Gauteng are key players in their respective countries, making this collaboration a crucial step towards enhancing bilateral trade, exchanging knowledge, and expertise on governance, ultimately benefiting the citizens of both regions. The details of the MoU are still being finalized, with a focus on establishing a structured government-to-government relationship to drive economic growth and cooperation. Abass emphasized the importance of intra-African trade, stating that it is time for African nations to prioritize trading within the continent. While external trade is essential, fostering partnerships between neighboring countries with shared historical and traditional values can significantly boost economic development and improve the livelihoods of their populations. Lagos, with its population of over 20 million people and significant manufacturing activities, is poised to benefit from collaborating with Gauteng, a prominent province in South Africa. The potential flow of goods and services between the two regions could lead to a substantial increase in GDP for both Lagos and Gauteng, ultimately contributing to the overall economic growth of Nigeria and South Africa. Abass also highlighted the comparative advantages that each region offers and expressed confidence that by leveraging these strengths, Lagos and Gauteng can maximize the benefits for their residents and contribute to the prosperity of both nations.