Trade between Nigeria, Dubai up by 39%, stakeholders seek deeper ties
29 November 2023 |
3:04 am
President of the Dubai Chambers of Commerce, Mohammed Ali Rashed Lootah, has revealed that there has been significant growth in bilateral trade between Nigeria and Dubai, growing by 39 per cent compared to 2021, to the tune of $2.1 billion.
President of the Dubai Chambers of Commerce, Mohammed Ali Rashed Lootah, has revealed that there has been significant growth in bilateral trade between Nigeria and Dubai, growing by 39 per cent compared to 2021, to the tune of $2.1 billion.
Speaking at a trade mission held in Lagos in partnership with the Lagos Chamber of Commerce and Industry (LCCI), he noted that their recently opened office would increase bilateral trade between both countries.
He added that since the start of this year, 75 new Nigerian companies berthed in Dubai, bringing the total number of Nigerian companies in the Dubai chamber to 551.”
He also said the office will aid more Dubai-based companies to invest in Nigeria, beyond export activities alone and unlock fresh opportunities for the business communities in both countries, as well as further strengthen Dubai’s trade and economic ties with Nigeria.
“We see tremendous opportunities to strengthen cooperation between our markets and boost cross-border trade and investments across a wide range of sectors and I am very optimistic that this relationship would benefit both countries,” he said.
The Lagos office, which he said is the seventh in Africa, already has generated a lot of interest from investors. “Nigeria is a very important market for us and there are businesses from different sectors including mining, general trading, technology, food processing and so on already showing interest.”
On visa availability, he said business owners will be able to get visas and any business inquiries, especially regarding eligibility, will be handled by their dedicated concierge service in Lagos, as it varies from sector to sector. Lootah said they are interested in partnering with Nigeria’s tech start-ups, especially around fintech and e-commerce.
“Last year, we hosted over 15 tech start-ups and some of them secured funding through the exhibition we held. Hopefully, next year will be bigger.”
Speaking, LCCI president, Dr Michael Olawale-Cole, said it was only fitting, as Lagos remains the centre of commerce not just in Nigeria but the whole of Africa.
“Our goal is to improve the trade figure to five billion next year, with the addition of the formal sector to the real sector,” he said. Speaking on the ongoing visa ban imposed on Nigeria by the UAE, Olawale-Cole said he had queried the Dubai Chamber of Commerce on how business activities would happen if there is a ban on one party by the other and said he was reassured that with the berth of the new office, they would work with the LCCI to overturn it. He added that the effect of this partnership on the country’s GDP might not be very visible yet but will begin to yield results next year.
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