Published by Naijajistreal96
Nigeria has recorded a major breakthrough in its international trade relations following the signing of a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE). The agreement, described as historic, is expected to significantly boost Nigeria’s exports, attract foreign investment, and accelerate economic diversification under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The CEPA was negotiated and concluded under the leadership of the Honourable Minister of Industry, Trade and Investment and Nigeria’s Chief Negotiator, Dr. Jumoke Oduwole, MFR. It represents a strategic shift in Nigeria’s trade policy, prioritising value-added exports, increased investment inflows, and expanded market access for Nigerian businesses.
Under the agreement, the UAE will immediately eliminate tariffs on more than 7,000 Nigerian products, granting duty-free access for key agricultural and industrial goods such as fish and seafood, oil seeds, cereals, cotton, pharmaceuticals, chemicals, and other manufactured products. Over the next three to five years, tariffs will also be removed on Nigerian exports including machinery, vehicles, electrical equipment, apparel, and furniture, giving Nigerian manufacturers a clear and competitive pathway into one of the world’s most dynamic trading hubs.
The agreement also opens new opportunities for Nigerian businesses and professionals. Nigerian companies can establish corporate entities, branches, and subsidiaries in the UAE, while business visitors can enter the country for up to 90 days within a 12-month period to explore trade and investment opportunities. Intra-corporate transferees, including managers, executives, and specialists, will be able to relocate with their companies for renewable three-year periods, supporting skills transfer and deeper economic integration.
For Nigeria’s investment climate, the CEPA addresses longstanding barriers to foreign direct investment by providing greater clarity and confidence for UAE investors. The agreement is expected to support Nigeria’s industrialisation drive, improve transport and logistics connectivity, and contribute to the creation of quality jobs for the country’s youthful population.
Nigeria has already recorded increased participation from UAE institutional investors, including First Abu Dhabi Bank, particularly in infrastructure financing. This includes support for major projects such as the Lagos–Calabar Coastal Road, which reflects growing confidence in Nigeria’s macroeconomic reforms and economic trajectory. Sky Capital has also played a key role in supporting the CEPA process and projecting Nigeria’s readiness for investment, with the agreement expected to accelerate deals in agriculture, real estate, digital banking, retail, and infrastructure financing.
On Nigeria’s part, the country will eliminate tariffs on about 6,000 products. Approximately 60 percent of these tariffs will be removed immediately, while the remainder will be phased out over five years. These imports are largely industrial inputs, capital goods, and machinery designed to strengthen Nigeria’s productive capacity, while the country’s Import Prohibition List will remain in force.
In services, Nigeria’s commitments under the agreement cover 99 specific services across 10 sectors, including business services, communications, transport, financial services, construction, distribution, health, environmental services, recreation and sports, and tourism.
The CEPA is designed as a strategic instrument for long-term economic transformation. By securing expanded market access for value-added and industrial goods, it encourages Nigerian manufacturers to scale up production for export and positions Nigeria as a gateway for investors seeking access to the African Continental Free Trade Area and its market of over 1.4 billion people. The agreement is fully consistent with Nigeria’s obligations under the World Trade Organisation, the African Continental Free Trade Area, and ECOWAS.
The Federal Ministry of Industry, Trade and Investment will work closely with the Nigeria Customs Service, the Nigerian Export Promotion Council, the Nigerian Investment Promotion Commission, and the Standards Organisation of Nigeria to ensure swift and effective implementation of the agreement. These agencies will provide Nigerian businesses and investors with the information and support required to take full advantage of the opportunities created, in line with President Tinubu’s “Nigeria First” directive.
Dr. Jumoke Oduwole commended the Nigerian negotiation team and partner ministries, departments, and agencies for their roles in achieving the milestone agreement and also expressed appreciation to the UAE negotiation team, led by Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, for their collaboration.
Addressing the Nigerian private sector, the Minister stressed that the agreement was negotiated to directly benefit Nigerian businesses and urged them to seize the opportunities presented by enhanced market access. She reaffirmed that Nigeria is open for business, with expanded access to the UAE, the Middle East, and global markets following the signing of the CEPA in Abu Dhabi on January 13, 2026.
Comments
Post a Comment
Comment