Trade between Nigeria and the United Arab Emirates (UAE) reached a record $4.3 billion for non-oil goods in 2024, highlighting growing economic ties between the two nations. The development was shared by UAE Consul-General in Lagos, Salem Al Jaberi, during a visit from Master’s students of the University of Lagos’ Department of Diplomacy and Strategic Studies.
Al Jaberi emphasized Africa’s importance as a hub for investment, noting that the UAE ranked second in foreign direct investment across the continent in 2024. He also highlighted Nigeria’s strategic role in the region, particularly Lagos as the country’s economic center, and stated that the UAE’s Consulate in Lagos is the first of its kind in Africa.
“The $4.3 billion in non-oil trade could be even higher with stronger partnerships,” Al Jaberi said, pointing to the UAE’s active efforts to facilitate market access through business-to-business, business-to-government, and government-to-government initiatives. He expressed optimism that Nigeria could eventually sign a Comprehensive Economic Partnership Agreement similar to those the UAE has with other countries, including Kenya and India.
Associate Professor Henry Ogunjewo of UNILAG described the students’ visit as a practical exposure to bilateral relations, complementing the theories and principles learned in class. He also praised the UAE’s initiatives in Africa, highlighting opportunities in trade, culture, and humanitarian support that are not widely known.
Students participating in the visit expressed gratitude for the opportunity to engage directly with UAE diplomats, seeing it as a platform to explore potential partnerships and enhance their understanding of international relations.
Data from 2023 shows a significant trade imbalance favoring the UAE, with exports to Nigeria totaling approximately $1.42 billion—mainly vehicles, electronics, and machinery—while Nigeria exported about $1.32 billion worth of goods, predominantly pearls, precious stones, metals, coins, and petroleum products. Experts suggest that increasing value-added production and diversifying Nigerian exports could help balance trade in the future.
The record in non-oil trade reflects the growing potential for deeper economic cooperation between Nigeria and the UAE, with both sides poised to benefit from closer collaboration in the coming years.
