The head of Dubai Chamber, Mohammad Lootah, revealed that the non-oil bilateral trade between Nigeria and Dubai hit $2.1 billion in 2022 during the New Horizons Trade Mission in Nigeria. This event, titled “Doing Business with Nigeria,” took place in Lagos in collaboration with the Lagos Chamber of Commerce. Lootah emphasized that establishing a presence in Nigeria marked a significant achievement for Dubai International Chamber.
Highlighting the strategic importance of this move, Lootah described it as a crucial platform for fostering cross-border partnerships in one of Africa’s leading economies. He highlighted the existing strong economic ties between Dubai and Nigeria, with the non-oil bilateral trade witnessing an impressive annual growth rate of 39.3%. The inauguration of the Lagos office, the chamber’s seventh in Africa and 28th globally, was seen as opening new channels for communication and economic cooperation.
Lootah outlined the goals of the Lagos office, emphasizing the team’s commitment to working with local partners to enhance Dubai’s commercial relationship with Nigeria. This involves coordinating business matching and networking events, providing necessary support for companies and investors to navigate opportunities, and facilitating trade and investments between the two markets.
Governor Babajide Sanwo-Olu of Lagos State acknowledged the longstanding and mutually beneficial relationship between Nigeria and the UAE, spanning over 40 years. He highlighted the driving factors of the bilateral trade, with Nigeria exporting gold, crude oil, and petroleum gas to the UAE while importing equipment, cars, and jewelry from the Gulf nation. Lagos, as a major destination for imports from the UAE, plays a pivotal role in the bilateral relations, given its status as the economic hub of Nigeria.
Sanwo-Olu emphasized Lagos’s immense investment opportunities, driven by a large and dynamic market with an active population exceeding 20 million, including high and middle-income earners. The governor positioned Lagos as a strategic player in Nigeria-UAE relations and stressed the importance of the forum in facilitating greater business engagement and fostering effective ways for businesses to interact and form new partnerships.
In conclusion, the collaboration between Nigeria and Dubai continues to strengthen, as evidenced by the significant growth in non-oil bilateral trade. The establishment of the Dubai Chamber’s office in Lagos marks a milestone in enhancing economic ties, fostering cooperation, and creating opportunities for businesses and investors in both regions. The forum provides a platform for increased business engagement and the formation of new partnerships, further solidifying the enduring relationship between Nigeria and the UAE.
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