Nigeria and the United Arab Emirates are set to formalise a Comprehensive Economic Partnership Agreement aimed at deepening trade, investment and industrial cooperation between both countries.
The agreement is expected to be signed during a bilateral meeting between President Bola Ahmed Tinubu and UAE President Mohammed bin Zayed Al Nahyan on the sidelines of the ongoing Abu Dhabi Sustainability Week in the UAE capital.
Briefing journalists in Abu Dhabi on Monday, Minister of Foreign Affairs, Yusuf Tuggar, said the CEPA was a major outcome of President Tinubu’s participation at the sustainability summit and had generated strong interest among UAE investors seeking regulatory certainty in Nigeria.
“President Tinubu is going to have a bilateral meeting with President Nahyan, and one of the key issues to be discussed is the Comprehensive Economic Partnership Agreement, which is expected to be signed during that meeting,” Tuggar said.
He explained that the agreement would not only boost investor confidence and unlock major investments estimated at over $10 billion but would also protect Nigerian businesses operating in the UAE, particularly in Dubai, where several Nigerians own factories and commercial enterprises.
“This agreement also protects the investments of Nigerians. We have many Nigerian businesses in Dubai, including those with factories. It dignifies Nigerians and ensures that they are respected wherever they go to invest or do business,” Tuggar added.
On priority areas of collaboration, the minister identified gas development for electricity generation as a major focus, noting that insufficient investment in converting Nigeria’s gas resources into power had worsened electricity shortages. He said the partnership would support ongoing pipeline construction, licensing rounds and expanded exploration and production activities.
Tuggar also said the agreement would strengthen cooperation in agriculture, manufacturing, aviation and finance, recalling that longstanding issues around trapped airline funds had been resolved after President Tinubu assumed office, improving travel and financial flows.
He added that Nigeria’s engagement at the Abu Dhabi forum was aimed at translating climate commitments into bankable projects capable of attracting global funding and supporting long-term economic growth.
