NIGERIA, UAE NON-OIL TRADE HITS $5BILLION AS FIRST ABU DHABI BANK OPENS IN LAGOS

…Etihad Expansion Signal New Era in Nigeria-UAE Economic Relations

By Onwe Wisdom, Pan Afric Reporters

Nigeria and the United Arab Emirates (UAE) are set to deepen their economic and diplomatic ties with the planned opening of the First Abu Dhabi Bank (FAB) in Lagos and the commencement of Etihad Airways operations to Abuja later this year, in what officials described as a significant boost to bilateral relations between both countries.

The development comes as both nations intensify efforts to implement the Comprehensive Economic Partnership Agreement (CEPA), a landmark framework expected to unlock new opportunities in trade, investment, technology transfer, and economic cooperation.

The disclosure was contained in a statement from the Office of the Minister of Foreign Affairs and signed by Dr. Magnus Eze, Special Assistant on Communication and New Media to the Minister of Foreign Affairs, following a meeting between the Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, and the UAE Ambassador to Nigeria, Salem Saeed Al-Shamsi, in Abuja.

Ambassador Al-Shamsi announced that the UAE’s largest bank, First Abu Dhabi Bank, would soon commence operations in Lagos, while Etihad Airways, one of the Gulf nation’s flagship carriers, would launch direct flights to Abuja before the end of the year.

The envoy described Nigeria as a strategic partner and praised the steady growth in economic cooperation between both countries.

According to him, non-oil trade between Nigeria and the UAE increased from $4.3 billion in 2024 to $5 billion in 2025, with projections indicating that the figure could rise to $8 billion by 2027.

“We have seen remarkable progress in our economic engagement with Nigeria. The growth in non-oil trade demonstrates the strength of our partnership and the enormous potential that still exists,” Al-Shamsi said.

He also disclosed that visa restrictions previously affecting Nigerian travellers had been substantially relaxed.

“There are no longer visa rejections for Nigerian nationals travelling to the UAE. In the last one year alone, more than 15,000 Nigerians have visited the UAE,” he stated.

The ambassador further reaffirmed his country’s support for Nigeria’s fight against terrorism, revealing that the UAE had issued several official statements condemning terrorist attacks in Nigeria.

“The UAE stands firmly with Nigeria in its efforts to combat terrorism and promote peace and stability,” he said.

Speaking during the meeting, Ambassador Odumegwu-Ojukwu welcomed the growing cooperation and noted that the implementation of the Comprehensive Economic Partnership Agreement would further strengthen economic and commercial relations between the two countries.

She emphasized Nigeria’s commitment to creating a conducive environment for foreign investments, including investments from UAE sovereign wealth funds and private sector operators.

“I am happy to say that a lot of the issues raised when I was Minister of State for Foreign Affairs have been resolved in less than a year, especially regarding visas,” the minister said.

“In addition, you have been able to move the non-oil trade volume between both countries from $4.3 billion in 2024 to over $5 billion in 2025. This shows your commitment and unrelenting effort in deepening our bilateral relations.”

The minister expressed appreciation to the UAE leadership for its continued goodwill towards Nigeria, recalling that the UAE Deputy Prime Minister and Minister of Foreign Affairs, Sheikh Abdullah bin Zayed Al Nahyan, was among the first world leaders to congratulate her following her appointment by President Bola Ahmed Tinubu.

“I am so pleased to have received the call from His Highness, the Deputy Prime Minister, and his prayers and encouragement to me. It was actually the first of such calls. He even extended an invitation for me to visit the UAE. This profound gesture is most sincerely appreciated,” she said.

Odumegwu-Ojukwu reiterated Nigeria’s commitment to sustaining and expanding diplomatic relations with the Gulf nation.

“We remain committed to working together to continue moving our bilateral relations from strength to strength,” she added.

Analysts say the planned entry of First Abu Dhabi Bank into Nigeria’s financial sector, alongside the expansion of direct air connectivity through Etihad Airways, could further stimulate trade, investment flows, tourism, and business exchanges between the two countries.

Nigeria and the UAE have maintained diplomatic relations since 1971, with cooperation spanning trade, aviation, investment, education, and cultural exchanges. The implementation of the CEPA is expected to open a new chapter in bilateral engagement, positioning both countries for greater economic integration and mutual prosperity.