Raphael Oni
Nigeria’s trade relations with the United Arab Emirates (UAE) have received a significant boost with the signing of a Comprehensive Economic Partnership Agreement (CEPA), according to Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole.
In a statement, Dr. Oduwole explained that the agreement will deliver tangible benefits for Nigerian businesses, professionals, and workers, and transform economic ties between the two nations.
“Today marks a historic milestone in Nigeria’s trade relations,” Dr. Oduwole said. “The CEPA prioritises market access for Nigerian goods and services, facilitates quality investment inflows, and advances our national economic diversification under the Renewed Hope Agenda of President Bola Ahmed Tinubu.”
Under the agreement, the UAE will eliminate tariffs on over 7,000 products, including agricultural and industrial products, machinery, vehicles, electrical equipment, apparel, and furniture.
“Nigerian industrial exports now have a clear and competitive pathway into one of the world’s most dynamic trading hubs,” Dr. Oduwole said.
The agreement also allows Nigerian businesses to establish operations in the UAE, and enables business visitors to enter the country for up to 90 days in 12 months to explore trade and investment opportunities.
Dr. Oduwole noted that the CEPA addresses longstanding impediments to foreign direct investment, providing clarity and confidence for UAE investors in Nigeria’s productive sectors.
“This will support Nigeria’s industrialisation agenda, enhance transport and logistics connectivity, and contribute to the creation of quality jobs for our youthful population,” she said.
Nigeria has also made commitments under the agreement, including eliminating tariffs on around 6,000 products, with tariffs on around 60% of these products to be eliminated immediately.
The agreement is a strategic instrument for economic transformation, incentivising Nigerian manufacturers to scale production for export, and positioning Nigeria as a gateway for international investors seeking access to the African Continental Free Trade Area.
Dr. Oduwole urged Nigerian businesses to take advantage of the agreement, saying, “Nigeria is open for business, and Nigerian businesses now have open access to the UAE, the Middle East, and the rest of the world.”
