The Federal Government of Nigeria has signed a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE), aimed at transforming economic ties between the two nations and delivering tangible benefits for Nigerian businesses, professionals, and workers.
Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, who facilitated and signed the agreement on behalf of Nigeria in Abu Dhabi, said the pact marks a historic milestone in Nigeria’s trade relations.
According to her, the agreement prioritises market access for Nigerian goods and services, facilitates quality investment inflows, and advances our national economic diversification under the Renewed Hope Agenda of President Bola Ahmed Tinubu GCFR.
Highlighting the gains for Nigerian exporters, she said the UAE would 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.
“Over the next three to five years, the UAE will eliminate tariffs on Nigerian machinery, vehicles, electrical equipment, apparel, and furniture.
“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,” she added.
Speaking on Nigeria’s commitments, the Minister said under the agreement for trade in goods, Nigeria would 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,” she added.
On trade in services, Dr. Oduwole explained that Nigeria’s commitments cover 99 specific services across 10 sectors, including business services, communication, transport, financial services, construction, distribution, health, environment, recreational/sporting, and tourism.
Affirming that the agreement was a strategic instrument for economic transformation, the Minister said with significant market access secured for value-added and industrial goods, the agreement incentivises Nigerian manufacturers to scale production for export.
“The CEPA also positions Nigeria as the gateway for international investors seeking access to the African Continental Free Trade Area and its 1.4 billion people.
“Nigeria has already recorded unprecedented participation from UAE institutional investors, including First Abu Dhabi Bank, particularly in infrastructure financing.
“Notably, this includes support for the construction of the Lagos–Calabar Coastal Road, representing a strong vote of confidence in Nigeria’s macroeconomic trajectory and reform agenda,” she noted.
