The 2023 Labour Party Presidential candidate and former governor of Anambra State, Peter Obi on Wednesday at the Liverpool John Moores University as a guest speaker spoke on “”Harnessing the Commonwealth Advantage for Trade and Investment.”
Obi who had honored the invitation of The Liverpool Commonwealth Association expanded that there is a need to make use of every available resources including youthful energy in other of the economics of member states to prosper.
The former governor exposed the need to lower trade barrier to encourage investment and for better cooperation so that prosperity can spread into the Commonwealth nations.
He had posted on his timeline stating that Nigeria need to “set the wheel of production in motion” in order to shift from just importing and consuming of foreign products to exporting to other nation which will attract investors and by so doing, boost the nations’ economy.
In attendance at the lecture includes Mr. Mark Blundell, Lord-Lieutenant of Merseyside and representative of King Charles in Liverpool, Richard Kemp, Lord Mayor of Liverpool, Tim Nicholl, Vice-Pro Chancellor of LJMU Business School, Garth Dallas, Chair of the Liverpool Commonwealth Association, Cllr Vanessa Boateng JP, General Secretary of the Liverpool Commonwealth Association among others.
In his words: “With a population of over 2.5 billion—about a third of the world’s population, with over 60% of its population under the age of 30, a GDP of over $13 trillion, expected to grow to $20 trillion by 2030 the Commonwealth presents great opportunities for growth and development amongst member nations if properly harnessed.
“The focus must, therefore, remain on leveraging these immense resources, especially the youthful energy and innovation for the collective advancement, sustainable development, and economic prosperity of member states and their citizens.
“As members of the Commonwealth, we are uniquely positioned to promote inclusive growth, foster innovation, and champion sustainable development. By lowering barriers to trade, encouraging investment, and deepening cooperation, we can transform our economies, ensuring that the prosperity of one nation lifts many others.
“For us in Nigeria, whose trade contributions to the Commonwealth—and indeed the world—have remained dismally low due to the lack of productivity plaguing the nation, this is a wake-up call. We must clothe our nation in the garment of productivity and set the wheels of production in motion.
“By aggressively investing in agriculture, supporting micro, small, and medium-sized enterprises through favourable fiscal and monetary policies, and ensuring strict adherence to the rule of law, which will attract and retain both foreign and local investors, we can shift Nigeria from a consumption-driven economy to a production-led one, and take our rightful place as a significant contributor to the Commonwealth’s economic power.”

Photo credit: X/@PeterObi

BY: Adeoye Olorunseun Elizabeth
adeoye.o@thesubstancenews.com