FG, UAE target $5bn bilateral trade expansion

By Precious Mark

The Federal Government has announced plans to scale up its bilateral relations with the United Arab Emirates (UAE), targeting a significant expansion of its current $5 billion non-oil trade volume.

The Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, disclosed this in a statement issued on Sunday following a diplomatic meeting at the State House in Abuja.

According to the Minister, President Bola Ahmed Tinubu hosted the UAE Minister of State for Foreign Affairs, His Highness Sheikh Shakhboot Bin Nahyan Al Nahyan, for a meeting she described as not only a highly constructive engagement, but a candid interaction.

Odumegwu-Ojukwu noted that the two nations are making concrete moves to consolidate their economic ties.

“Our two countries are moving to deepen bilateral ties and are expanding cooperation in agriculture, banking, energy, AI, industrialization, and infrastructure, with a Joint Commission meeting also in the pipeline,” she said.

The Minister highlighted that this growth trajectory is heavily supported by existing trade frameworks, pointing out that both nations already share a rapidly expanding partnership centered on trade, investment, and strategic diplomacy.

“Non-oil trade has reached an estimated $`5 billion, and Sheikh 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,” the Minister stated.

Explaining the operational advantages of the economic framework, Odumegwu-Ojukwu noted that the agreement is already yielding systemic benefits for local businesses.

“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 explained.

She further revealed that financial and energy collaborations are witnessing critical advancements.

“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,” Odumegwu-Ojukwu added.

Reaffirming the country’s long-term diplomatic stance, the Foreign Affairs Minister maintained that Nigeria remains fully committed to strengthening its 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