The Development Agency of Western Nigeria (DAWN Commission) and the Asia Africa Chamber of Commerce (AACC) have entered into a bilateral trade and investment development.
The Memorandum of Understanding between the Nigerian sub-regional commission and the Asian body was signed in the former’s Ibadan office last Wednesday.
Present at the signing ceremony were the Director General of the DAWN Commission, Mr Seye Oyeleye; AACC Vice Chairman and President for Africa, Prince Olawale Ayinla; AACC Nigeria Vice President in charge of Finance and Investment Development, Mr. Temitope Daramola; its Nigeria Vice President, Pharmaceutical Industry, Mr. Olufemi Ajibade Daramola; and its Nigeria Director of Tourism, Erelu Funmi Rotiba.
Ayinla said at the signing ceremony that the partnership marked the beginning of various initiatives that would boost Africa’s economic renewal as AACC is planning intervention packages to act accelerate social economic growth in Africa, using Nigeria as a takeoff point and Southwest Nigeria as a pilot project. ‘This approach will assist in fostering continental economic development from a fourth industrial revolution perspective and help to bridge the gaps of infrastructural deficit in Africa, with a view to making the continent more Industry 4.0 complaint’, he said.
On the pan-Nigerian outlook, Ayinla said AACC is focused on end-to-end investment from raw materials production to secondary and tertiary production of raw materials to retain as much of the product value chain within the country and the host communities as possible. AACC, he further said, would work with all tiers of government within the region, through DAWN to ensure the most suitable development structures and relevant infrastructure are employed throughout the region.
He assured that AACC was committed to promoting contemporary manufacturing in all six geopolitical zones, towards making Nigeria an export-oriented country. ‘That is why this MOU is very strategic for the partnership of AACC and DAWN Commission’, he said, adding that AACC would connect with the other five zones in Nigeria.
‘Going forward, we will be taking more pragmatic steps and approach to make sure that we achieve all our set goals and objectives to drive a healthy social economy sustainable development in the Nigeria market’, Ayinla said.
Commenting on the development, Oyeleye expressed excitement about the partnership as both organisations would be working together along the lines of commerce and investment. ‘The DAWN Commission is excited about the prospects of this partnership and the immense potentials for attracting businesses and investments to the Southwest region, which will create more jobs, increase internally-generated revenue, and contribute to human capacity development.
Against the backdrop of global economic challenges, AACC strongly believes the best time for Africa’s economic renewal is now, especially as the pandemic, Russia-Ukraine turmoil, and other areas of global economic meltdown serve as eye openers for a more robust and forward-looking approach to business in Africa.
AACC has its global headquarter in Malaysia, with the main goal of being a world class economic reference point and an organisation that promotes as well as facilitates trade and investment opportunities between Asia and Africa.