The United Arab Emirates (UAE) has expressed its readiness to deepen economic ties with Nigeria toward promoting investment and trade between both countries. United Arab Emirates Ambassador to Nigeria, Fahad Altaffag, expressed the country’s desire at the Dubai-Nigeria Export today in Lagos.
The program was organized by the Lagos Chamber of Commerce and Industry (LCCI) and the UAE Embassy in Nigeria. Altaffag said both countries have certain similarities and opportunities that could be explored to boost trade and investment by leveraging technology, innovation and youthful energy across all sectors.
He noted that over the past 15 years, the two countries’ total bilateral non-oil trade growth witnessed a 17 per cent increase reaching about 1.7 billion dollars in 2017.
He said the investment of Nigerians in the UAE had risen to about 120 million dollars across all sectors in 2016, due to the ease of doing business policy of the federal government.
Mr Babatunde Ruwase, President of LCCI, however said the level of trade between both countries is still low, saying closer cooperation between private sectors of both countries can change the narrative.