- Nigeria and the UAE will sign a CEPA to boost trade, protect businesses, and attract investment
- The deal could bring over $10 billion in key sectors like gas, agriculture, and manufacturing
- Nigeria also advances sustainability and digital initiatives, with $5 billion in UAE investments and a digital education MoU
The Comprehensive Economic Partnership Agreement (CEPA) is about to be signed by Nigeria and the United Arab Emirates (UAE) on the occasion of a meeting between President Bola Ahmed Tinubu and UAE leader Mohammed bin Zayed Al Nahyan.
The deal is likely to be reached during the Abu Dhabi Sustainability Week and is expected to not only formalise the current economic interactions but also to strengthen investor trust and offer protection to businesses in both countries.
UAE is one of the top five countries with whom Nigeria does the most trade, and the CEPA is expected to bring in investments of more than $10 billion into various important industries. Non-oil trade between the two countries was $4.3 billion in 2024, demonstrating the strength of their economic connection.
Minister of Foreign Affairs Yusuf Tuggar viewed the agreement as a really important result of President Tinubu's presence at the summit and added that UAE investors have been looking for a long time for the security and predictability of investment in Nigeria.
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The agreement not only brings UAE capital but also provides the protection of Nigerian businesses that are operating in foreign countries, especially in Dubai where lots of Nigerians have their businesses and factories. Tuggar expressed that the CEPA would increase the respect and security of Nigerian investors abroad while creating new opportunities at home.
Collaboration would mainly be in the areas of gas development for electricity generation, agriculture, manufacturing, finance, and aviation. Tuggar pointed out that Nigeria is endowed with immense gas deposits but investment is necessary to completely eradicate the blackout problem.
He further mentioned that problems like the airline funds being trapped have been solved enabling better financial flows and easier travelling.
Tuggar remarked that Abu Dhabi Sustainability Week provides a chance for Nigeria to transform its climate obligations into moneyable and funded projects.
The speech from President Tinubu will highlight the priorities of Nigeria in the area of climate, the projects that are ready for investments, and the country's commitment to sustainable growth. Last year, Nigeria attracted $5 billion from UAE investments, and recently a Memorandum of Understanding on digital education and skills development was signed which would help Nigeria's participation in the global digital economy.