Abu dhabi: Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, announced that the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates and Nigeria marks a significant milestone in the UAE's strategy to foster strategic development partnerships with nations possessing robust potential.
According to Emirates News Agency, Al Zeyoudi emphasized that this initiative aims to foster growth, prosperity, and stability at both regional and global levels through effective international collaboration. In a statement, he remarked that the agreement is crucial for expanding the UAE's trade and investment network, presenting extensive opportunities with Nigeria, Africa's fifth-largest economy and most populous market, due to its strong economic fundamentals that support long-term partnerships.
Al Zeyoudi highlighted that Nigeria's GDP is approximately US$290 billion, with an anticipated economic growth of 3.9 percent by 2025, surpassing the global average. As a major energy producer, like the UAE, Nigeria is focused on economic diversification and industrial development, with the services sector currently constituting over 50 percent of its GDP.
The CEPA is set to enhance the UAE's engagement with West Africa, a resource-rich region with high potential, aiming to accelerate development by attracting strategic foreign direct investment. Al Zeyoudi emphasized that the agreement will bolster bilateral trade, especially in sectors such as precious stones, minerals, digital trade, and agricultural technology, building on the existing trade relations, with non-oil trade reaching US$3.1 billion in the first nine months of 2025, a 1 percent increase compared to the same period in 2024.
He reported a 55 percent growth in non-oil trade between the UAE and Nigeria in 2024 compared to 2023, with UAE non-oil exports to Nigeria amounting to around US$460 million in the first nine months of 2025, reflecting a 76 percent annual growth. UAE exports to Nigeria include a wide range of products, such as oil and derivatives, vehicles, pharmaceuticals, electronic equipment, and construction materials.
On the investment front, Al Zeyoudi noted the ratification of an investment promotion and protection agreement in 2024, offering a stable legal framework for Emirati investors and facilitating increased investment flows between the UAE and Nigeria. He highlighted key UAE projects in Nigeria, including the US$18.5 billion Centenary City smart project in Abuja, expected to attract $18 billion in foreign direct investment and create approximately 250,000 jobs.
UAE investments also support strategic projects such as Eko Atlantic City and the Abuja World Trade Centre, alongside logistics sector developments. DP World's acquisition of Imperial Logistics in 2022 and AD Ports Group's partnership with Lagos State for the Lekki Corridor development exemplify this support. Additionally, the UAE provided a US$1.2 billion loan for the Lagos-Calabar coastal road project.
Al Zeyoudi affirmed that the CEPA with Nigeria is comprehensive, targeting multiple sectors and leveraging the UAE's global trade network to support Nigerian exports, especially cocoa, in accessing high-growth markets in Asia and the Asia-Pacific region. The agreement positions Nigeria as a strategic gateway to West Africa, enabling exports of machinery, fertilisers, automotive parts, and construction equipment.
He further explained that the agreement seeks to enhance private sector cooperation and support a range of services, including business, logistics, healthcare, and education. With services being Nigeria's largest sector, contributing over 50 percent of GDP, this cooperation is vital.
Al Zeyoudi highlighted the shared priority of developing micro, small, and medium-sized enterprises, noting that the agreement will ease trade restrictions for these businesses and foster cooperation between support centres and business incubators. A dedicated committee will be established to support small and medium-sized enterprises and facilitate the exchange of information on laws, trade procedures, and business registration, maximizing the CEPA's benefits.