A two-day business summit bringing together government officials, investors, entrepreneurs and members of the Nigerian diaspora is set to focus on strengthening trade and investment links between California in the United States and Lagos State, Nigeria.
The California–Lagos Business & Investment Summit, themed “Building the California–Nigeria Business Bridge,” is scheduled for 17 and 18 September.
Organisers say the private-sector-led event will provide opportunities for businesses and investors to explore partnerships in technology, fintech, logistics, creative industries, agriculture, renewable energy, real estate and access to capital for small and medium-sized businesses.
Proposed California-Lagos trade pact
A major focus of the summit will be a proposed trade pact involving California and Lagos State.
According to the organisers, the governors of the two states are expected to lead the signing, which they describe as an important step towards improving business and investment relations.
The release, however, does not provide details of the proposed agreement, including its legal status, specific commitments, implementation arrangements or the value of trade and investment expected to result from it.
Those details will be important in assessing whether the initiative produces measurable economic benefits beyond the summit itself.
Why the partnership matters
California is a major global centre for technology, venture capital, entertainment, agriculture and advanced manufacturing.
Lagos, Nigeria’s commercial hub, has a large consumer market and a strong concentration of technology companies, financial institutions, entrepreneurs and creative businesses.
The organisers believe the differences between the two economies could create opportunities for companies seeking new markets, investment and partnerships.
Potential areas include technology and fintech, transportation and logistics, creative and entertainment businesses, agriculture and food processing, renewable energy, real estate and urban development.
The summit is intended to move discussions beyond diplomacy and towards business deals, capital raising and market access.
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‘Goodwill into enterprise’
Lekan Salaam, chief executive of Afretrade, said greater cooperation was needed to support Africa’s economic development.
“Africa’s economy will only thrive through love, unity of purpose, and collaboration without subordination.”
He added that the summit was intended to give entrepreneurs, investors and members of the diaspora a role in turning diplomatic relationships into commercial opportunities.
“This Summit belongs to the entrepreneurs, investors, and diaspora leaders who turn goodwill into enterprise, and we are proud to celebrate this historic moment alongside the people of California and Lagos.”
What is planned?
The summit will feature keynote speeches, panel discussions, high-level meetings, capital-raising sessions and business matchmaking.
Sessions are scheduled to run from 09:00 to 17:00 on 17 and 18 September.
The organisers say an official celebration will take place at Stanford Mansion, with representatives of California, Lagos State and the business community expected to attend.
A gala and awards ceremony is also planned at the Hyatt Regency Sacramento.
The programme will then move to San Francisco for a diplomatic and business networking reception involving representatives of Lagos State.
Who is expected to attend?
The event is aimed at a broad business audience, including chief executives, entrepreneurs, small and medium-sized businesses, investors and capital providers.
Nigerian professionals and business owners based in the US, members of the wider African-descendant business community, and trade, policy and development leaders are also expected to participate.
For Nigerian businesses, particularly those looking to enter the US market, the event could provide an opportunity to establish contacts with potential investors, customers and business partners.
For California-based companies and investors, Lagos offers access to one of Africa’s largest commercial markets.
From ceremony to business
The central test for the initiative will be whether the relationships created at the summit translate into actual investment, trade and business expansion.
Signing an agreement or holding a high-profile summit does not, by itself, guarantee new investment or increased trade.
About the organisers
The summit is being powered by Afretrade in partnership with the US Diaspora United Chamber of Commerce, NIED Group and the Office of Diaspora Affairs of Lagos State.
Afretrade describes itself as a private-sector platform focused on trade, investment and enterprise across African and diaspora business communities.
