Nigeria and the United Arab Emirates (UAE) are set to formalise a major economic partnership with the signing of a Comprehensive Economic Partnership Agreement (CEPA), aimed at deepening cooperation in trade, agriculture, manufacturing and other key sectors.
The agreement is expected to be signed during a bilateral meeting between President Bola Ahmed Tinubu and UAE President, Sheikh Mohammed bin Zayed Al Nahyan, on the sidelines of the ongoing Abu Dhabi Sustainability Week in the UAE capital.
The CEPA will consolidate existing economic engagements between both countries, boost investor confidence and provide legal protection for businesses operating in Nigeria and the UAE. The UAE currently ranks among Nigeria’s top five trading partners.
Briefing journalists in Abu Dhabi, Minister of Foreign Affairs, Yusuf Tuggar, described the agreement as a critical outcome of President Tinubu’s participation in the sustainability summit. He said the pact is projected to unlock investments exceeding $10 billion across strategic sectors.
According to Tuggar, non-oil trade between Nigeria and the UAE reached $4.3 billion in 2024, underscoring the growing economic ties between the two countries.
“President Tinubu will hold a bilateral meeting with President Mohammed bin Zayed Al Nahyan, during which the Comprehensive Economic Partnership Agreement is expected to be signed,” Tuggar said.
He noted that several UAE investors have been eager for the conclusion of the agreement to ensure stability, predictability and protection for their investments in Nigeria.
Beyond attracting foreign investment, Tuggar said the CEPA would also safeguard Nigerian business interests in the UAE, particularly in Dubai, where many Nigerians own businesses and manufacturing facilities.
“It also protects the investments of Nigerians abroad. Many Nigerians run businesses and even factories in Dubai. This agreement further dignifies Nigerians and ensures they are respected wherever they invest or visit,” he added.
On priority areas of collaboration, Tuggar identified gas development for electricity generation as a major focus, stressing that Nigeria’s persistent power challenges are linked to insufficient investment in converting its vast gas reserves into electricity.
“We have abundant gas resources, and we are looking to invest more in gas-to-power projects. This is why we now have several pipelines under construction and an ongoing licensing round for oil and gas acreage,” he said.
The minister added that the partnership would expand opportunities in exploration and production, agriculture, manufacturing, aviation and financial services.
He also recalled that longstanding issues affecting airline operators, particularly the problem of trapped funds, were resolved after President Tinubu assumed office, leading to improved air connectivity and smoother financial transactions for Nigerians abroad.
Tuggar described Abu Dhabi Sustainability Week as a strategic platform that bridges global climate commitments and implementation, noting that Nigeria’s participation is focused on attracting funding for bankable and implementable climate-related projects.
He said President Tinubu’s address at the forum would highlight Nigeria’s climate priorities, nationally determined contributions and efforts to make climate projects attractive to global investors.
“Nigeria is committed to sustainability in a way that supports long-term economic growth and development,” Tuggar said.
Last year, Nigeria secured 14 investment deals worth about $5 billion with the UAE. Both countries also signed a Memorandum of Understanding on digital education and skills development, aimed at expanding access to digital learning and practical skills for Nigerian youth through the Nigerian Youth Academy (NiYA).
The MoU was signed by Nigeria’s Federal Ministry of Youth Development and the UAE Digital School under the Mohammed bin Rashid Al Maktoum Global Initiatives.
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