Executive Summary
Nigeria and the United Arab Emirates (UAE) have entered into a Comprehensive Economic Partnership Agreement (CEPA), described as a significant trade pact for Nigeria. The agreement aims to reshape market access for Nigerian exporters and support the government's efforts to expand non-oil exports and attract investment. Under the CEPA, the UAE will eliminate tariffs on 7,315 products imported from Nigeria, providing Nigerian exporters with access to a major trading hub. Nigeria, in turn, will eliminate tariffs on 6,243 products from the UAE, with phased implementation. The Federal Ministry of Industry, Trade and Investment secured the agreement, which is expected to boost non-oil exports and support economic diversification under the Renewed Hope Agenda.
- Nigeria's CEPA with the UAE aims to boost non-oil exports and attract investment through tariff reductions.
What Is Driving The Story?
- Economic diversification goals.
- Attracting foreign investment.
- Boosting non-oil exports.