Development Agency of Western Nigeria (DAWN Commission) and Asia Africa Chamber of Commerce (AACC) have on Wednesday 15 March 2022, signed a Memorandum of Understanding on bilateral trade and investment development between Asian countries and Southwest Nigeria, at the DAWN Commission’s Ibadan Office. Present at the signing ceremony were Mr. Seye Oyeleye, Director General of the DAWN Commission; Prince Olawale S. Ayinla, AACC Vice Chairman and President of AACC Africa; Mr. Temitope Daramola, AACC Nigeria Vice President, Finance and Investment Development; Mr. Olufemi Ajibade Daramola, AACC Nigeria Vice President, Pharmaceutical Industry; and Erelu Funmi Rotiba, AACC Nigeria Director of Tourism.

Speaking at the event, Prince 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 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-Nigeria outlook, Prince 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.

AACC is 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 will, in the vein, connect with the other five zones in Nigeria.

Commenting on the development, Mr. 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.

“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.

“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,” Prince Ayinla said.

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.

•PHOTO: Seye Oyeleye, Director General, DAWN Commission; and Prince Olawale S. Ayinla, Vice Chairman AACC/President, AACC Africa; at the AACC-DAWN MOU signing ceremony, held at DAWN office, Ibadan, last week.

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