Nigeria and the United Arab Emirates are seeking to expand trade and investment under their recently signed Comprehensive Economic Partnership Agreement (CEPA), as both countries deepen economic cooperation across key sectors, Nigerian officials said on Sunday.

The commitment followed a meeting between President Bola Tinubu and the UAE’s Minister of State for Foreign Affairs, Sheikh Shakhboot Bin Nahyan Al Nahyan, at the Presidential Villa in Abuja.

Nigeria’s Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu, said discussions focused on strengthening collaboration in agriculture, banking, energy, artificial intelligence, industrialisation and infrastructure, while preparations are underway for a Nigeria-UAE Joint Commission meeting.

She described the talks as “constructive” and said both governments were committed to translating their diplomatic ties into greater economic cooperation.

According to the minister, non-oil trade between Nigeria and the UAE has reached about $5 billion, with both countries seeking to increase commercial exchanges following the signing of the CEPA earlier this year.

The agreement, signed in January, is expected to reduce trade barriers by eliminating tariffs on more than 7,000 Nigerian products entering the UAE market and over 6,000 Emirati products exported to Nigeria. It also provides wider access for businesses in both countries to establish operations and offer services.

Officials say the agreement forms part of Nigeria’s strategy to diversify exports beyond crude oil and attract more foreign direct investment into sectors including manufacturing, agriculture and technology.

Odumegwu-Ojukwu said cooperation between both countries was also expanding in the financial sector, citing plans by First Abu Dhabi Bank to establish operations in Lagos.

She also highlighted growing energy ties, noting that the Dangote Petroleum Refinery recently purchased its first cargoes of crude oil from the UAE as part of efforts to diversify its feedstock supply.

“It was not only a highly constructive engagement, but a candid interaction as the President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu, received UAE Minister of State for Foreign Affairs, His Highness, Sheikh Shakhboot Bin Nahyan Al Nahyan at State House, Abuja.

“Our two countries are moving to deepen bilateral ties and are expanding cooperation in agriculture, banking, energy, A.I, industrialisation and infrastructure, with a Joint Commission meeting also in the pipeline”, the minister stated.

Relations between Nigeria and the UAE have improved significantly since both countries resolved diplomatic disagreements that previously affected travel and commercial activities. The restoration of normal diplomatic engagement paved the way for renewed investment discussions and closer economic collaboration.

The planned Joint Commission meeting is expected to identify additional areas for cooperation, including infrastructure development, innovation, financial services and industrial growth.

Nigeria has sought stronger economic partnerships with Gulf countries as part of broader efforts to attract investment, boost non-oil exports and stimulate economic growth, while the UAE has expanded its commercial footprint across Africa through investments in energy, logistics, ports, aviation and financial services.

The minister also reaffirmed the Federal Government’s commitment to consolidating relations with the Gulf nation and building on the longstanding diplomatic ties between both countries.

“Nigeria remains committed to strengthening our bilateral relations at the highest levels, and to building on the solid foundation of the very warm, cordial and longstanding relations that exist between our two nations”, the minister concluded.

Officials from both countries said they remained committed to building on their longstanding bilateral relationship and creating new opportunities for businesses and investors under the CEPA framework.