As part of measures to boost crossborder trade amongst members of the Economic Community of West African? States (ECOWAS) Sonnex Packaging Nigeria Limited? and Kasapreko Company Limited Of Ghana yesterday? signed a Memorandum of Understanding (MoU) on bilateral trade cooperation to boost economic prosperity of the African sub-region.
The partnership which would last for five years will guarantee an investment to the tune of $3 million dollars annually thereby bringing total investments to both countries to about N2. 3 billion in the fifth year.
Speaking at the agreement signing ceremony in Lagos, the Managing Director of Somotex Group , a frontline packaging company, Mr. Anil Mohananai said the partnership became necessary to give a pragmatic approach to bilateral? cross-border trade propagated by ECOWAS.
Mohanani? said his company was keen on growing export business in the African sub-region , urging governments in the sub-region to harness the potentials inherent in transborder trading amongst the countries.
He said the partnership apart from creating jobs for the teeming Africans desirous of being employed, was also cost effective carrying out import and export business within the sub-region.
In his remarks Mr. Gideon Osei Amoako, Director of Kasapreko, said the country has invested over 30 million dollars in the state-of-the-art machinery for distillation of alcoholic liquor, said the partnership would ensure that Nigerians get full benefits of cross-border marketing of the product .
“ It is a way of creating jobs and keeping jobs meant for Africans in Africa to build the economy of the sub-region.
Also the Lagos State Governor Mr. Babtunde Fashola who was represented at the ceremony by his Special Adviser on Housing, Hon. Jimoh Ajao, said the present administration would support moves to boost the economy of the state, country and sub-region.?
Fashola who assured of his administration’s preparedness to provide enabling environment for businesses to thrive in the state, said the state investments in road infrastructure was to boost economic activities in the state.
?He said the state strongly believes that the private sector must thrive to supports and drive economic growth, saying the recently concluded Ehingbeti Economic summit was organized to facilitate economic development.?