In a significant move to boost international trade and economic growth, Nigeria has entered into a landmark agreement with the United Arab Emirates. President Bola Ahmed Tinubu announced the signing of a Comprehensive Economic Partnership Agreement (CEPA) during his visit to Abu Dhabi.
A Strategic Agreement Forged in Abu Dhabi
The historic pact was finalized on Tuesday, January 13, while President Tinubu was attending the Abu Dhabi Sustainability Week. The Nigerian leader was present at the invitation of his UAE counterpart, President Sheikh Mohamed bin Zayed Al Nahyan. This agreement marks a pivotal step in strengthening bilateral relations between the two nations.
President Tinubu, in a statement shared on his official X handle, highlighted that the deal is a direct outcome of dedicated negotiations. He specifically commended the efforts of Minister Dr. Jumoke Oduwole, who led the Nigerian team, and Minister Thani bin Ahmed Al Zeyoudi for the UAE.
Key Benefits for Nigeria's Economy
The core of the agreement provides a substantial boost for Nigerian producers and the broader economy. The most immediate impact is the elimination of tariffs on thousands of Nigerian products entering the lucrative UAE market. This duty-free access is expected to dramatically improve the competitiveness of Nigerian goods.
Beyond market access, the partnership is designed to deliver multiple strategic advantages:
- Expanded opportunities for Nigerian exporters, manufacturers, and service providers.
- Enhanced investment confidence for UAE investors looking to fund projects within Nigeria's productive sectors.
- Support for Nigeria's national goals of industrialisation and economic diversification.
- Strengthening Nigeria's role as a primary gateway for trade and investment into the African continent.
Part of Broader Economic Reforms
President Tinubu framed this agreement as a concrete result of his administration's ongoing economic reform agenda. He emphasized that the partnership is not an abstract concept but a practical tool designed to deliver long-term, tangible benefits for the Nigerian people and the nation's economy.
"This is the work of economic reform, purposeful engagement, and measured partnerships," the President stated. "The outcomes will serve Nigeria’s long-term national interest." He expressed optimism that the renewed relationship with the UAE would continue to yield sustained dividends for both countries.
The signing of this Comprehensive Economic Partnership Agreement represents a major diplomatic and economic achievement. It signals Nigeria's active pursuit of strategic international alliances to drive growth, create jobs, and solidify its position in the global trade landscape.
