Nigeria and the United Arab Emirates (UAE) have concluded a Comprehensive Economic Partnership Agreement (CEPA) aimed at deepening bilateral trade, improving export market access, and attracting new investments.
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed this in a statement issued on Tuesday in Abuja, noting that the agreement was formally signed in Abu Dhabi by representatives of both countries. Oduwole led Nigeria’s negotiating team during the talks.
According to the minister, the CEPA is designed to open wider opportunities for Nigerian goods and services in the UAE while encouraging high-quality investments into the Nigerian economy.
Under the terms of the agreement, the UAE will eliminate tariffs on over 7,000 Nigerian export products, covering a broad range of agricultural and manufactured items such as fish, grains, cotton, chemicals, and pharmaceutical products. She added that other Nigerian exports would enjoy duty-free access to the UAE market within a five-year transition period.
The agreement also allows Nigerian businesses to set up branches and subsidiaries in the UAE. In addition, Nigerian business travellers will be permitted to stay in the UAE for up to 90 days annually, while managers and specialised professionals may relocate under renewable three-year residence permits.
Oduwole said the partnership would accelerate Nigeria’s industrial development and job creation, while boosting investor confidence from the UAE. In return, Nigeria will phase out tariffs on approximately 6,000 imported items, mainly industrial raw materials, machinery, and capital equipment, although the country’s import prohibition list will remain intact.
She further explained that the CEPA covers 99 service areas across 10 key sectors, including transportation, construction, financial services, tourism, and telecommunications. The agreement, she said, positions Nigeria as a strategic entry point for UAE investors seeking access to the wider African market.
What’s your thought about this agreement?
