DAWN Commission signs MOU with AACC on bilateral trade and investment

Development Agency of Western Nigeria (DAWN Commission) and Asia Africa Chamber of Commerce (AACC ) have signed a Memorandum of Understanding on bilateral trade and investment development between Asian countries and Southwest Nigeria.

The signing ceremony which took place at DAWN Commission’s Ibadan office on Wednesday, 15 March 2022 had in attendance Seye Oyeleye, director-general, DAWN Commission; Olawale S. Ayinla, vice chairman, AACC and president, AACC Africa; Temitope Daramola, AACC Nigeria vice president, Finance and Investment Development; Olufemi Ajibade Daramola, AACC Nigeria vice president, Pharmaceutical Industry; and Erelu Funmi Rotiba, AACC Nigeria director of tourism.

Speaking at the event, Ayinla said the partnership between AACC and the DAWN Commission marks the beginning of various initiatives that will boost Africa’s economic renewal as AACC is planning intervention packages that will act as catalysts to accelerate socio-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 compliant,” he said.

On the pan-Nigeria 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 Nigeria and the host communities as possible. AACC intends to work with all tiers of government within the region, through DAWN, to ensure the most suitable development structures and relevant infrastructure are employed through the region, Ayinla said.

AACC is committed to promoting contemporary manufacturing in all six geopolitical zones, towards making Nigeria an export-oriented country.

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“That is why this MOU is very strategic for the partnership of AACC and DAWN Commission,” he said, adding that AACC would in the same vein connect with the other five zones in Nigeria.

Commenting on the development, Oyeleye expressed excitement about the partnership as both organisations will 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,” he said.

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 downturn serve as eye openers for a more robust and forward-looking approach to business in Africa.

“Going forward, we will be taking more pragmatic steps and approaches to make sure that we achieve all our set goals and objectives to drive a healthy social economy and sustainable development in the Nigeria market,” Ayinla said.

AACC has its global headquarters 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.