Mohammed bin Zayed and the Nigerian President witnessed the signing of the Comprehensive Economic Partnership Agreement between the two countries, marking a significant step that reflects the growing relations between the UAE and Nigeria. This agreement aims to enhance cooperation in trade and investment, heralding a bright future of sustainable growth and mutual development. At a time when the world is moving towards constructive economic partnerships, this agreement opens new horizons for collaboration.
Signing the Agreement: A Historic Moment
His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, and His Excellency Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, attended the signing ceremony of the Comprehensive Economic Partnership Agreement. This agreement is considered a qualitative step in the growing relations between the two countries. His Highness emphasized the UAE’s commitment to building development partnerships with friendly nations, aiming to open new channels for mutual economic growth.
The Importance of Economic Partnership
The Nigerian President highlighted the significance of the signed economic partnership agreement, noting that it represents a golden opportunity to enhance economic and trade cooperation. He expressed Nigeria’s eagerness to achieve shared development goals that benefit both peoples. This agreement aligns with Nigeria’s vision for sustainable growth and development.
Content and Objectives of the Agreement
During the ceremony held on the sidelines of Abu Dhabi Sustainability Week, the agreement was signed by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, and Her Excellency Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment in Nigeria. The agreement outlines strategies aimed at reducing tariffs and eliminating trade barriers, facilitating trade flows, and enhancing investment opportunities. It also seeks to strengthen cooperation ties between the private sectors of both countries, enabling small and medium-sized enterprises to expand their reach to global markets.
Future Prospects: A Thriving Non-Oil Trade
The Comprehensive Economic Partnership Agreement between the UAE and Nigeria contributes to enhancing the national strategy for foreign trade, which continues to be developed under the Comprehensive Economic Partnership Agreements Program since its launch in September 2021. Figures indicate that the value of non-oil bilateral trade between the two countries reached $4.3 billion in 2024, with a notable annual increase of 55.3%. According to forecasts, this upward trend is expected to continue into 2025.
Through the Comprehensive Economic Partnership Agreements Program, the UAE aims to increase the value of non-oil foreign trade to AED 4 trillion by 2031, representing an ambitious vision aimed at integrating the country into the global economy. Through this agreement, the UAE and Nigeria seek to establish a strategic partnership that enhances their economic growth and diversifies their markets.