The United Arab Emirates Embassy has commenced a series of trade and investment promotion activities aimed at bolstering the bilateral trade and investment volume between Nigeria and the UAE.
The trade promotion initiative which is coordinated in collaboration with the UAE International Investment Council (UAEIIC), the UAE Ministry of Economy and the Federal Ministry of Industry, Trade and Investment in Nigeria, focuses on attracting key industry stakeholders and investors across all sectors in Nigeria and the UAE in a bid to develop and explore future trade opportunities.
Nigeria has been chosen among the 34 selected countries globally participating in the initiative because of its pivotal position as a top investment market in the West African region and its overall economic influence in Africa.
The UAE Minister of State, Ministry of Foreign Affairs and International Cooperation (MOFAIC), Sheikh Shakhboot Bin Nahyan Al Nahyan, while describing the strength of the UAE/Nigeria economic relations as enduring, expressed satisfaction with the level of trade, political and cultural partnership that exists between both countries.
“As the ninth-largest exporter to Nigeria globally, the UAE continues to see Nigeria, the largest economy in Africa, as an important, trusted partner. For decades, both countries have continued to nurture strong bilateral relations, particularly in the areas of trade and investment.
“To date, we remain Nigeria’s largest trade partner in the Middle East region, accounting for 35 per cent of Nigeria’s total trade with the region. Over the past few years, there have been high-level political exchanges amid continuing mutual trust between both countries, which has led to the signing of several key agreements aimed at solidifying overall bilateral relations.
“With non-oil trade between our nations valued at $1.4bn in 2019, I would like to see this increase and look forward to working towards this in a mutual beneficial manner,” Al Nahyan said.
In his remarks, The UAE Minister of State for Foreign Trade, Dr. Thani Ahmed Al Zeyoudi, expressed confidence that the UAE/Nigeria ties will continue to grow in areas of trade and investment.
He said, “UAE and Nigeria relationship is witnessing a positive development dominated by cooperation, respect and mutual interests. The two countries are enjoying growth rates of bilateral trade while the volume of non-oil trade while the volume of non-oil trade exchange reached 1.45 billion dollars by the end of 2019, as our goal is to increase non-oil bilateral trade based on huge trade and investment potentials and promising opportunities in the two countries’ market and vital sectors.”
Also, the Nigerian Minister of Industry, Trade and Investment, Otunba Niyi Adebayo reaffirmed Nigeria’s readiness to make UAE a top destination for exports because of its strategic position in the middle east region.
He said, “Moving forward we hope to further strengthen our economic ties for economic development with common interest for both countries. We reaffirm Nigeria’s readiness to make UAE on of our preferred leading export markets because of her positioning as a strategic global and regional trade and investment hub.”
The Nigerian Minister of Mines and Steel Development, Arch Olamilekan Adegbite, said, “Trade between Nigeria and UAE has been on for a long time, albeit informally. I look forward to this collaboration to enhance what has been and to open up new vistas.”
On his part, the Nigerian Minster of State for Finance, Budget and National Planning, Prince Clem Agba, said, “Nigeria and the UAE have enjoyed robust bilateral relations over the last decade and we are always willing to explore new windows of opportunities to increase mutual trade and investments with our foreign counterparts, including the UAE. We look forward to further enhance bilateral relations with the UAE across various sectors of the economy in a bid to achieve mutual growth and development.”
Speaking on the huge trade prospects between the UAE and Nigeria, the President, Dangote Group, Alhaji Aliko Dangote said, “One of the important takeaways from the unprecedented times we are in globally, is the need to identify further areas of cooperation and foster stronger partnerships.
“Expanding business networks and opportunities in Nigeria and in the UAE would foretell growth prospects for the economic good of both regions, and it is my belief that efforts in exploring and forging new human ties are ultimately worthy and rewarding endeavours. For me, Africa is the best kept secret for any business enterprise, and its vast potential exists also for strong economic bilateral relations.”
The UAE Ambassador to Nigeria H.E Dr. Fahad Altaffaq in his remark underscored the need for both countries to jointly expand the spectrum of trade activities in the wake of the COVID-19 pandemic.
“While approaching the 40th anniversary of UAE-Nigeria relations which began in 1982, we plan to continue providing platforms where UAE and Nigerian businesses can connect to identify ventures and opportunities particularly in emerging sectors such as Artificial Intelligence (AI), FinTech and Space Exploration. The UAE is a top global investment hub and I encourage Nigerian investors to take advantage of the wide trade and investment opportunities.”
“Nigeria remains an important partner to UAE and with key economic agreements signed in 2016 and its confirmed participation at the auspicious Expo 2020 Dubai, our overarching focus is to create sustainable economies beyond the challenges of the COVID-19 pandemic and encourage more trade and investment opportunities that will improve our non-oil trade volume which is around at $1.4 billion in 2019,” he said.
The Nigerian Ambassador to the UAE, Mohammed Dansanta Rimi, expressed Nigeria’s keenness to intensify economic cooperation with the UAE.
“The signed MOU between our two countries on the establishment of joint commission for cooperation will stimulate more engagements with its multi-sectoral nature,” he said.
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