Nigeria, UAE deepen ties in trade, agriculture, energy, others

Nigeria, UAE deepen ties in trade, agriculture, energy, others

Nigeria and the United Arab Emirates have reaffirmed their commitment to strengthening bilateral relations, with both countries set to expand cooperation across key sectors, including agriculture, banking, energy, artificial intelligence, industrialisation and infrastructure.

The Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, disclosed this in a statement on Sunday following a meeting between President Bola Tinubu and the UAE Minister of State for Foreign Affairs, Sheikh Shakhboot Bin Nahyan Al Nahyan, at the Presidential Villa, Abuja.

PUNCH Online reports that the meeting comes months after Nigeria and the UAE signed the Comprehensive Economic Partnership Agreement, a landmark trade deal aimed at boosting investment, expanding market access and deepening economic cooperation between both countries.

In recent years, relations between the two countries have witnessed renewed momentum following the resolution of diplomatic issues that affected travel and business engagements. Both nations have since intensified efforts to strengthen economic cooperation through increased trade, investment and financial partnerships.

Speaking on the outcome of the meeting, Odumegwu-Ojukwu described the engagement as frank and productive, saying it reflected the growing strategic partnership between Abuja and Abu Dhabi.

“It was not only a highly constructive engagement, but a candid interaction as the President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu, received UAE Minister of State for Foreign Affairs, His Highness, Sheikh Shakhboot Bin Nahyan Al Nahyan at State House, Abuja.

“Our two countries are moving to deepen bilateral ties and are expanding cooperation in agriculture, banking, energy, A.I, industrialisation and infrastructure, with a Joint Commission meeting also in the pipeline”, the minister stated.

According to her, trade and investment remained at the centre of the expanding relationship between the two countries, noting that both governments were exploring opportunities to significantly increase commercial exchanges.

“Nigeria and the UAE share a rapidly expanding partnership centred on trade, investment, and strategic diplomacy. Non-oil trade has reached an estimated $5 billion, and Sheik Bin Nahyan Al Nahyan believes the potential exists for scaling up this figure, especially in view of the Comprehensive Economic Partnership Agreement (CEPA) signed in January this year between our two nations”, she continued.

The minister explained that the agreement would provide businesses in both countries with greater market access by removing tariffs on thousands of products and opening up new investment opportunities.

“This pact eliminates tariffs on more than 7,000 Nigerian products entering the UAE and over 6,000 Emirati products entering Nigeria, while opening service sectors and business establishment opportunities in both countries”, she added.

Odumegwu-Ojukwu also highlighted growing cooperation in the financial and energy sectors, describing them as important indicators of increasing investor confidence.

“Furthermore, our bilateral banking ties are deepening, marked by the planned entry of the First Abu Dhabi Bank into Lagos.

“The Dangote Petroleum Refinery also recently diversified its feedstock by purchasing its first-ever cargoes of crude oil from the UAE”, she further stated.

She reaffirmed the Federal Government’s commitment to consolidating relations with the Gulf nation and building on the longstanding diplomatic ties between both countries.

“Nigeria remains committed to strengthening our bilateral relations at the highest levels, and to building on the solid foundation of the very warm, cordial and longstanding relations that exist between our two nations”, the minister concluded.

The latest engagement is expected to pave the way for a Joint Commission meeting between Nigeria and the UAE, where both countries are expected to outline additional areas of cooperation aimed at boosting trade, investment and broader economic development.