The United Arab Emirates and the Federal Republic of Nigeria have strong economic relations. In fact, the UAE is the most important trading partner of Nigeria in the GCC region, while Nigeria serves as an important economic gateway for investment and trade in the West African region.
Since the establishment of the Consulate General of the United Arab Emirates in Lagos in 2019, these economic relations have evolved remarkably, particularly with Lagos being Nigeria's economic capital.
As a result, the volume of non-oil trade between the UAE and Nigeria reached approximately US $2.4 billion in 2022. Moreover, in the same year, Nigeria's exports to the United Arab Emirates amounted to about $520 million. The main products exported from Nigeria to the UAE included gold ($489 million), spices ($11.9 million), and wood coal ($7.24 million).
On the other hand, UAE exports to Nigeria in 2022 were valued at US $1.61 billion. The primary products exported from the UAE to Nigeria consisted of refined oil (US $352 million), broadcasting equipment (US $159 million), and automobiles (US $149 million).
There is a vision to elevate these economic relations to even greater heights, in the interests of both peoples and countries. Significantly, there has been a notable growth in cash flows from the UAE, making it one of the most important countries in terms of the volume of cash flows to Nigeria in recent years.
The economic team at the consulate diligently works to promote trade and mutual investment between the two countries through effective coordination between trade and investment institutions and the private sectors. Additionally, there are frequent visits of trade delegations between the two countries at both the government and private sector levels.
For instance, in 2023, the Dubai Chamber of Commerce organized a trade mission to Lagos, Nigeria, with the participation of 15 companies from Dubai representing 10 diverse economic sectors and activities. During this mission, a representative office of the Dubai World Chamber was opened in Lagos State, attended by His Excellency Baba Gedi Sanwo-Olu, Governor of Lagos State.
