Nigeria has achieved a historic milestone in its trade relations with the United Arab Emirates with the signing of the Comprehensive Economic Partnership Agreement (CEPA), a landmark deal expected to transform economic ties between the two nations.
Speaking at the ceremony, Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment and Nigeria’s Chief Negotiator, detailed what the agreement will mean for Nigerian businesses, investors, and professionals.
Dr. Oduwole described the CEPA as a transformative instrument for Nigeria’s economic diversification under President Bola Ahmed Tinubu’s Renewed Hope Agenda. She explained that the agreement provides Nigerian exporters with immediate duty-free access to over 7,000 products in the UAE, including agricultural and industrial goods such as fish and seafood, oil seeds, cereals, cotton, pharmaceuticals, and chemicals, while machinery, vehicles, electrical equipment, apparel, and furniture will gain tariff-free access over the next three to five years. She noted that the deal establishes a clear and competitive pathway for Nigerian industrial exports into one of the world’s most dynamic trading hubs.
The Minister highlighted that the agreement also facilitated business mobility and professional relocation. Nigerian business visitors can enter the UAE for up to 90 days within a 12-month period to explore trade and investment opportunities, while managers, executives, and specialists can relocate with their corporate entities for renewable three-year periods. This, she said, ensures seamless operations for Nigerian companies and strengthens bilateral economic engagement.
On investment, Dr. Oduwole said the CEPA addresses longstanding barriers to foreign direct investment, providing UAE investors with the confidence to participate in Nigeria’s productive sectors. She stressed that this will support industrialization, enhance transport and logistics connectivity, and create quality jobs for Nigeria’s youthful population. She also emphasized that the agreement positions Nigeria as a gateway for international investors seeking access to the African Continental Free Trade Area (AfCFTA) and its 1.4 billion consumers.
Oduwole further pointed to the enthusiastic participation of UAE institutional investors, including First Abu Dhabi Bank, in infrastructure financing projects such as the Lagos–Calabar Coastal Road, as a demonstration of confidence in Nigeria’s macroeconomic trajectory and reform agenda. She also acknowledged the role of Sky Capital in supporting the CEPA negotiations and projecting Nigeria’s investor readiness.
The Minister assured that the Federal Ministry of Industry, Trade and Investment, in collaboration with key agencies including the Nigerian Customs Service, Nigerian Export Promotion Council, Nigerian Investment Promotion Commission, and the Standards Organization of Nigeria, will ensure Nigerian businesses and investors have the information, support, and facilitation they need to fully leverage the opportunities created by the agreement.
Dr. Oduwole concluded by urging the Nigerian private sector to identify opportunities in the UAE market and move with confidence, reiterated that the agreement was negotiated for the benefit of Nigerian businesses. She also expressed appreciation to the Nigerian negotiation team, the UAE delegation led by Dr. Thani bin Ahmed Al Zeyoudi, and all participating Ministries, Departments, and Agencies for their pivotal roles in securing this milestone deal.
