Nigeria's bilateral relations with the United Arab Emirates (UAE) are set to receive a significant boost as the First Abu Dhabi Bank (FAB) prepares to open its doors in Lagos. This development comes alongside progress on the Comprehensive Economic Partnership Agreement (CEPA) signed between both nations, which is expected to transform economic ties and deliver tangible benefits for Nigerian businesses, professionals, and workers.
Trade Growth and Economic Cooperation
The UAE's Ambassador to Nigeria, Salem Saeed Al-Shamsi, disclosed these updates during a visit to the Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu. He also announced that Etihad Airlines, the UAE's leading carrier, will commence operations in Abuja later this year. Nigeria holds its relations with the UAE in the highest esteem, with both countries maintaining warm, cordial, and mutually beneficial diplomatic ties since 1971.
Economic relations between the two nations have remained robust and dynamic, particularly in the non-oil sector. This growth has been driven by strong trade flows, investment partnerships, and vibrant people-to-people exchanges. Ambassador Al-Shamsi applauded the bilateral relationship, noting that non-oil trade grew from $4.3 billion in 2024 to $5 billion in 2025. He projected that the figure could reach approximately $8 billion by 2027.
Eased Visa Restrictions and Business Environment
The Ambassador further disclosed that visa restrictions have been eased for Nigerians, explaining that there are no longer visa rejections for Nigerian nationals travelling to the UAE. This move is expected to further facilitate business and cultural exchanges between the two countries.
During the meeting, Ambassador Al-Shamsi presented a letter of congratulations to Odumegwu-Ojukwu on her assumption of office as Nigeria's Minister of Foreign Affairs. In her remarks, Odumegwu-Ojukwu emphasized that Nigeria remains firmly committed to creating an enabling environment for Foreign Direct Investment, including from UAE-based sovereign wealth funds and private sector entities. She highlighted the importance of the CEPA in deepening economic integration and fostering mutual prosperity.
Implementation of Comprehensive Economic Partnership Agreement
The Minister of Foreign Affairs noted that both countries are working diligently towards the full implementation of the Comprehensive Economic Partnership Agreement. This agreement is poised to deliver significant benefits for Nigerian businesses, professionals, and workers, further strengthening the economic ties between the two nations. The opening of First Abu Dhabi Bank in Lagos and the commencement of Etihad Airlines' Abuja operations are seen as key steps in this direction.
The growth in non-oil trade and the easing of visa restrictions underscore the deepening relationship between Nigeria and the UAE, setting the stage for even greater economic cooperation in the years to come.
