Nigeria–UAE trade pact to unlock duty-free access, jobs, investment – Oduwole
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She added that over the next three to five years, tariffs would also be removed on Nigerian machinery, vehicles, electrical equipment, apparel and furniture, giving Nigerian manufacturers “a clear and competitive pathway into one of the world’s most dynamic trading hubs.”
By Kazeem Ugbodaga
Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, has described the newly signed Comprehensive Economic Partnership Agreement (CEPA) between Nigeria and the United Arab Emirates as a “historic milestone” that will transform trade relations and deliver concrete benefits for Nigerian businesses, professionals and workers.
Speaking in Abu Dhabi on Tuesday after the agreement was signed, Oduwole said the CEPA was the outcome of “focused and determined negotiations” led by her ministry and aligned with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
“Today marks a historic milestone in Nigeria’s trade relations,” she said, adding that “The Federal Republic of Nigeria and the United Arab Emirates signed a Comprehensive Economic Partnership Agreement that will transform economic ties between our two nations and deliver tangible benefits for Nigerian businesses, professionals, and workers.”
Explaining what Nigeria stands to gain, the minister said the UAE would immediately eliminate tariffs on more than 7,000 Nigerian products.
“For Nigerian exporters, the UAE will eliminate tariffs on over 7,000 products. Immediately, our agricultural and industrial products-fish and seafood, oil seeds, cereals, cotton, pharmaceuticals, chemicals and more — will enter the UAE market duty-free,” Oduwole said.
She added that over the next three to five years, tariffs would also be removed on Nigerian machinery, vehicles, electrical equipment, apparel and furniture, giving Nigerian manufacturers “a clear and competitive pathway into one of the world’s most dynamic trading hubs.”
Oduwole said the agreement also opens doors for Nigerian businesses and professionals in the UAE.
“Nigerian businesses can establish operations in the UAE through new corporate entities, branches, and subsidiaries,” she said.
“Nigerian business visitors can enter the UAE for up to 90 days in 12 months to explore trade and investment opportunities, while our managers, executives and specialists can relocate with their companies for renewable three-year periods.”
On investment, the minister said the CEPA addresses longstanding barriers to foreign direct investment.
“This Agreement addresses longstanding impediments to foreign direct investment. UAE investors now have clarity and confidence to invest in Nigeria’s productive sectors,” she noted, adding that it would support industrialisation, improve logistics and create quality jobs for Nigeria’s youthful population.
She also outlined Nigeria’s own commitments under the deal, including the phased elimination of tariffs on about 6,000 products, mainly industrial inputs and capital goods, while stressing that Nigeria’s Import Prohibition List remains intact.
Describing the CEPA as “a strategic instrument for economic transformation,” Oduwole said it positions Nigeria as a gateway to the African Continental Free Trade Area and its 1.4 billion consumers.
“Nigeria is open for business,” she declared, saying that “This Agreement was negotiated for you. I urge the Nigerian private sector to identify your opportunities and move with confidence into the UAE market with the protections we have secured for you.”
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