Deal Expected To Boost Nigerian Exports, Investment, And Economic Tie
Nigeria and the United Arab Emirates (UAE) have signed a new trade agreement that will see tariffs removed on thousands of products traded between both countries, marking a major step in strengthening bilateral economic relations.
The agreement, known as the Comprehensive Economic Partnership Agreement (CEPA), was finalised during high-level engagements between officials of both nations. Under the pact, the UAE will grant duty-free access to over 7,000 Nigerian products, while Nigeria will eliminate tariffs on more than 6,000 UAE goods, covering a wide range of sectors.
According to reports, the tariff removal will be implemented in phases, with many products enjoying immediate duty-free access, while others will see tariffs gradually eliminated over the next three to five years.
The deal is expected to significantly boost Nigeria’s non-oil exports, including agricultural produce, manufactured goods, and industrial products, while also making UAE machinery, vehicles, and consumer goods more affordable in Nigeria.
President Bola Tinubu’s administration described the agreement as a major win for Nigeria’s economy, saying it will expand market access for Nigerian businesses, attract foreign investment, create jobs, and support the country’s economic diversification drive.
Beyond goods, the pact also includes provisions for services, investment protection, and easier business mobility, allowing Nigerian professionals and entrepreneurs improved access to the UAE market.
Economic analysts say the agreement could position Nigeria as a stronger trade hub in Africa while deepening its commercial presence in the Middle East.
The Nigeria-UAE trade pact comes amid ongoing efforts by the federal government to improve foreign trade relations and reduce Nigeria’s dependence on crude oil revenues.
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