Nigeria has signed a landmark Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE), a move expected to significantly expand market access for Nigerian goods and services while attracting quality foreign investment into the country.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this in a statement on Monday following the signing of the agreement in Abu Dhabi.
Describing the pact as historic, Oduwole said the agreement would “transform economic ties between Nigeria and the UAE and deliver tangible benefits for Nigerian businesses, professionals and workers.”
“This agreement prioritises market access for Nigerian goods and services, facilitates quality investment inflows, and advances Nigeria’s economic diversification agenda under the Renewed Hope Agenda of President Bola Ahmed Tinubu,” she said.
According to the minister, the UAE will immediately eliminate tariffs on over 7,000 Nigerian products, including agricultural and industrial goods such as fish and seafood, oil seeds, cereals, cotton, pharmaceuticals and chemicals.
“Over the next three to five years, tariffs will also be eliminated on Nigerian machinery, vehicles, electrical equipment, apparel and furniture, providing Nigerian manufacturers with a competitive pathway into one of the world’s most dynamic trading hubs,” Oduwole stated.
She added that Nigerian businesses would now be able to establish branches and subsidiaries in the UAE, while business visitors could enter the country for up to 90 days within a year to explore trade and investment opportunities.
“Intra-corporate transferees — managers, executives and specialists — can also relocate with their companies for renewable three-year periods,” she noted.
On investment, the minister said the agreement addresses long-standing bottlenecks to foreign direct investment, giving UAE investors greater confidence to invest in Nigeria’s productive sectors.
“This will support Nigeria’s industrialisation agenda, enhance transport and logistics connectivity, and contribute to the creation of quality jobs for our youthful population,” she said.
Oduwole explained that Nigeria, under the agreement, will eliminate tariffs on about 6,000 products, with 60 per cent of them receiving immediate tariff removal, while the remainder will be phased out over five years.
“These imports are largely industrial inputs, capital goods and machinery that will strengthen Nigeria’s productive capacity. Nigeria’s Import Prohibition List remains in force,” she clarified.
She also disclosed that Nigeria’s commitments in trade in services cover 99 specific services across 10 sectors, including business services, telecommunications, transport, financial services, construction, health, tourism and recreation.
Describing the CEPA as a strategic instrument for economic transformation, Oduwole said the agreement positions Nigeria as a gateway for investors seeking access to the African Continental Free Trade Area (AfCFTA) market of 1.4 billion people.
“Nigeria has already recorded unprecedented participation from UAE institutional investors, including First Abu Dhabi Bank, particularly in infrastructure financing such as the Lagos–Calabar Coastal Road. This is a strong vote of confidence in Nigeria’s macroeconomic reforms,” she said.
She added that the agreement is expected to accelerate investments in agriculture, real estate, digital banking, retail and infrastructure financing.
The minister assured that the Federal Ministry of Industry, Trade and Investment, working with agencies such as the Nigeria Customs Service, Nigerian Export Promotion Council, Nigerian Investment Promotion Commission and the Standards Organisation of Nigeria, would ensure swift and effective implementation of the agreement.
“Our goal is to ensure that Nigerian businesses and investors have the information, support and facilitation required to take full advantage of this agreement in line with Mr President’s ‘Nigeria First’ directive,” she said.
Oduwole commended the Nigerian negotiation team and relevant ministries and agencies for their roles in securing the agreement, and also praised the UAE Minister of Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi, for what she described as a strong collaborative effort.
Addressing the private sector, the minister said: “This agreement was negotiated for you. I urge Nigerian businesses to identify their opportunities and move confidently into the UAE market with the protections we have secured.”
“Nigeria is open for business, and Nigerian businesses now have open access to the UAE, the Middle East and the rest of the world,” she added.
