The United Arab Emirates (UAE) and Nigeria have signed a Complete {Economic} Partnership Contract (CEPA), marking a major milestone in commerce and funding relations between the 2 nations.
The Contract was signed in Abu Dhabi within the presence of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Nigerian President Bola Ahmed Tinubu, signalling the beginning of expanded {economic} cooperation.
Beneath the deal, tariffs and commerce boundaries shall be lowered, funding flows elevated, and alternatives created in key sectors together with expertise, agriculture, power, and valuable metals.
The Contract can also be anticipated to strengthen provide chains, enhance public and private-sector collaboration, and assist small and medium-sized enterprises in accessing world markets.
The CEPA was signed by UAE Minister of International Commerce Dr. Thani bin Ahmed Al Zeyoudi and Nigeria’s Minister of Business, Commerce and Funding Dr. Jumoke Oduwole on the sidelines of Abu Dhabi Sustainability Week.
President Tinubu emphasised that the Contract just isn’t summary for Nigerians, because it opens duty-free entry for hundreds of Nigerian merchandise into the UAE, expands alternatives for exporters, producers, and repair suppliers, and provides UAE buyers confidence to again Nigeria’s productive financial system.
He added that the CEPA helps Nigeria’s industrialisation and diversification objectives and strengthens the nation’s place as a gateway for commerce and funding into Africa.
“The outcomes will serve Nigeria’s long-term nationwide curiosity. Could the renewed relationship between Nigeria and the United Arab Emirates proceed to yield sustained dividends for each nations and our peoples,” Tinubu mentioned.
The Contract displays purposeful {economic} reforms and strategic worldwide partnerships aimed toward driving development and boosting Nigeria’s world commerce footprint.
