President Bola Tinubu says Nigeria has signed an agreement with the United Arab Emirates (UAE) to open duty-free access for thousands of Nigerian products into the Arab country.
In a statement on Tuesday, the president said the agreement was signed on the sidelines of the Abu Dhabi Sustainability Week.
The Nigeria-UAE comprehensive economic partnership agreement (CEPA) was signed alongside Mohamed bin Zayed Al Nahyan, the UAE president.
“For Nigerians, this agreement is not abstract. It opens duty-free access for thousands of Nigerian products into the UAE, expands opportunities for our exporters, manufacturers, and service providers, and gives UAE investors clearer confidence to back Nigeria’s productive economy,” Tinubu said.
“This comprehensive agreement also supports our industrialisation and diversification goals and strengthens Nigeria’s position as a gateway for trade and investment into Africa.
“This is the work of economic reform, purposeful engagement and measured partnerships. The outcomes will serve Nigeria’s long-term national interest.”
The president said the agreement was the result of sustained and disciplined work led by Jumoke Oduwole, minister of industry, trade and investment, and Thani bin Ahmed Al Zeyoudi, her UAE counterpart.
“I commend both ministers and their teams for the seriousness and clarity that brought these negotiations to a conclusion,” Tinubu said.
The president expressed hope that the renewed partnership between Nigeria and the UAE will continue to bring lasting benefits to both countries and their citizens.
WHAT THE AGREEMENT DELIVERS FOR NIGERIA
In a statement on Tuesday, Oduwole said for Nigerian exporters, the UAE will eliminate tariffs on over 7,000 products.
She listed some of the agricultural and industrial products to include fish and seafood, oil seeds, cereals, cotton, pharmaceuticals, chemicals and more, which will enter the UAE market duty-free.
“Over the next three to five years, the UAE will eliminate tariffs on Nigerian machinery, vehicles, electrical equipment, apparel, and furniture,” Oduwole added.
“Nigerian industrial exports now have a clear and competitive pathway into one of the world’s most dynamic trading hubs. In addition, Nigerian businesses can establish operations in the UAE through new corporate entities, branches, and subsidiaries.
“Nigerian business visitors can enter the UAE for up to 90 days in 12 months to explore trade and investment opportunities while intra-corporate transferees, our managers, executives, and specialists can relocate with their corporate entities for renewable three-year periods.”
Speaking on Nigeria’s investment climate, she noted that the agreement removes long-standing constraints to foreign direct investment.
“UAE investors now have clarity and confidence to invest in Nigeria’s productive sectors. This will support Nigeria’s industrialisation agenda, enhance transport and logistics connectivity, and contribute to the creation of quality jobs for our youthful population,” the minister said.
NIGERIA’S COMMITMENTS UNDER THE AGREEMENT
For trade in goods, the minister said Nigeria will eliminate tariffs on around 6,000 products.
“Tariffs on around 60% of these products will be eliminated immediately, with the remainder phased over five years. These imports are concentrated in industrial inputs, capital goods, and machinery that will strengthen Nigeria’s productive capacity. Nigeria’s Import Prohibition List remains in effect,” Oduwole said.
On trade in services, she said Nigeria’s commitments span 99 specific services across 10 sectors, including business, communications, transportation, financial services, construction, distribution, health, environmental services, recreation/sports, and tourism.
The minister vowed swift implementation, saying the ministry of industry, Trade and Investment (FMITI), working with key ministries, departmenta, and agencies (MDAs), such as the Nigeria Customs Service (NCS), alongside FMITI agencies such as the Nigerian Export Promotion Council (NEPC), and the Nigerian Investment Promotion Commission (NIPC) and the Standards Organiaation of Nigeria (SON), will ensure that Nigerian businesses, and the investors hosted, have the information, support, and facilitation they need to take swift and full advantage of the agreement in line with the president’s “Nigeria First” directive.
Oduwole added that the agreement was negotiated for the Nigerian private sector.
“I urge you to identify your opportunities with enhanced market access and move with confidence into the UAE market with the protections we have secured for you,” she said
The minister added that Nigeria is open for business, and Nigerian businesses now have open access to the UAE, the Middle East and the rest of the world
