Nigeria, UAE Set to Seal Landmark Economic Partnership as Tinubu, Bin Zayed Meet in Abu Dhabi

Nigeria and the United Arab Emirates (UAE) are set to deepen economic ties with the signing of a Comprehensive Economic Partnership Agreement (CEPA) during a bilateral meeting between President Bola Ahmed Tinubu and UAE President, Sheikh Mohammed bin Zayed Al Nahyan.

The agreement is expected to be sealed on the sidelines of the ongoing Abu Dhabi Sustainability Week, where President Tinubu is participating alongside global leaders and investors. The CEPA will formalise existing economic engagements between both countries, boost investor confidence, and provide mutual protection for businesses operating within their jurisdictions.

The UAE currently ranks among Nigeria’s top five trading partners, with non-oil trade between both countries hitting $4.3 billion in 2024. The new agreement is projected to unlock investments exceeding $10 billion across strategic sectors of the Nigerian economy.

Briefing journalists in Abu Dhabi, Minister of Foreign Affairs, Ambassador Yusuf Tuggar, described the CEPA as a major deliverable of President Tinubu’s participation at the sustainability summit, noting that UAE investors have long anticipated the agreement to ensure predictability and security for their investments in Nigeria.

“President Tinubu will be holding a bilateral meeting with President Mohammed bin Zayed. One of the key issues to be discussed is the Comprehensive Economic Partnership Agreement, which is expected to be signed during that meeting,” Tuggar said.

He explained that beyond attracting UAE capital into Nigeria, the agreement would also safeguard Nigerian businesses operating abroad, particularly in Dubai, where many Nigerians own enterprises and manufacturing facilities.

“It also protects the investments of Nigerians. We have a lot of Nigerian businesses in Dubai, some of them even running factories. This further dignifies the Nigerian and ensures that Nigerians are respected wherever they go to invest or visit,” he added.

Tuggar identified gas development for electricity generation as a priority area of collaboration, stressing that Nigeria’s persistent power challenges are linked to underinvestment in converting its abundant gas reserves into electricity.

“We have a lot of gas, and we need to develop it to generate electricity. That is why there are pipelines under construction and a licensing round currently ongoing for acreage,” he said, adding that the CEPA would open further opportunities in exploration and production.

He also highlighted expanded trade in agriculture and manufacturing, alongside improved financial and aviation frameworks. Tuggar recalled that longstanding issues of trapped airline funds were resolved following President Tinubu’s assumption of office, easing international travel and financial transactions for Nigerians.

Describing Abu Dhabi Sustainability Week as a strategic platform that bridges global climate conferences such as COP, Tuggar said the forum helps countries transition from declarations to implementation.

Nigeria’s participation, he noted, is aimed at translating climate commitments into bankable and fundable projects, particularly in areas where the country faces gaps in project preparation.

“This presents an opportunity to come with identified projects and source funding from countries and organisations in attendance,” Tuggar said.

According to him, President Tinubu’s address at the forum will outline Nigeria’s climate priorities, nationally determined contributions, and efforts to make climate-related projects attractive to global financiers.

“He will speak on Nigeria’s deliverables, goals, and commitments, and ensuring that projects brought forward are viable enough to convince funders,” he added.

Nigeria secured 14 investment deals valued at $5 billion with the UAE last year, underscoring the growing economic partnership between both nations.

In addition, Nigeria and the UAE recently signed a Memorandum of Understanding to collaborate on digital education and skills development. The agreement, signed by Nigeria’s Federal Ministry of Youth Development and the UAE Digital School under the Mohammed bin Rashid Al Maktoum Global Initiatives, aims to expand access to digital education and practical skills for Nigerian youth through the Nigerian Youth Academy (NiYA).

The Federal Government said the evolving partnership reflects Nigeria’s commitment to sustainability, economic diversification, and long-term growth in an increasingly competitive global economy.