UAE–Nigeria commerce ties deepen amid rising investments

The United Arab Emirates and the Federal Republic of Nigeria are deepening their bilateral relationship, anchored in mutual respect and cooperation throughout diplomacy, the economic system, society, and tradition, as rising commerce exchanges proceed to strengthen ties between each international locations.

In an announcement from International Advisors, it was acknowledged that financial relations between the 2 nations have accelerated lately, with each reaffirming their dedication to long-term collaboration and regional integration. The UAE is extensively recognised as Nigeria’s vital buying and selling accomplice within the Gulf area, whereas Nigeria serves as a strategic gateway for UAE funding and commerce throughout West Africa.

The partnership gained additional momentum following the inauguration of the UAE Consulate Normal in Lagos, Nigeria’s business capital, in 2019. Since then, commerce and funding flows between the 2 international locations have expanded steadily.

In 2022, non-oil commerce between the UAE and Nigeria reached roughly $2.4bn. Through the interval, Nigerian exports to the UAE totalled $520m, comprising gold valued at $489m, spices value $11.9m, and charcoal amounting to $7.24m.

Commerce flows continued to rise in 2023, with UAE exports to Nigeria exceeding $1.61bn. These exports included refined oil valued at $352m, broadcasting tools value $159m, and cars amounting to $149m.

The assertion famous that monetary flows from the UAE to Nigeria have additionally elevated considerably, inserting the UAE among the many prime sources of international funding into Nigeria lately. This development, it mentioned, has been supported by frequent commerce delegations and high-level exchanges between private and non-private sector representatives of each international locations.

“A joint committee established by Nigeria and the UAE performs a central function in advancing cooperation throughout political, financial, cultural, judicial, and safety domains. The committee facilitates business and funding collaboration, promotes data alternate, and oversees the implementation of bilateral agreements and protocols,” the assertion famous.

It acknowledged that as a part of efforts to additional strengthen financial engagement, the Dubai Worldwide Chamber inaugurated its consultant workplace in Lagos. The ceremony was attended by the Governor of Lagos State, Babajide Sanwo-Olu.

In accordance with the assertion, the workplace is anticipated to reinforce UAE–Nigeria enterprise ties and help Emirati firms looking for alternatives in West Africa.

It added that the financial crew on the UAE Consulate Normal in Lagos continues to champion initiatives that promote mutual commerce and funding, working carefully with establishments and personal sector stakeholders in each international locations to foster sustainable development and strategic alignment.

Wanting forward, the assertion mentioned UAE–Nigeria relations stand as a mannequin of cross-regional cooperation, pushed by shared values, financial ambition, and a dedication to inclusive improvement.