UAE-Nigeria trade and investment will benefit from Dubai Chamber’s Lagos office and strategic expansion in Africa.
In a move to improve trade between the UAE-Nigeria trade, Dubai International Chamber opens its seventh African office in Lagos. This strategic expansion aims to fortify ties and enhance bilateral trade between the UAE and Nigeria, building on a trade history that spans over four decades.
The economic synergy between the UAE and African nations, particularly Nigeria, is set to strengthen with the inauguration of Dubai International Chamber‘s new office in Lagos. This marks the seventh such office in Africa, reinforcing the commitment to fostering economic ties on the continent.
Situated in Lagos, the heart of Nigeria’s vibrant business landscape, the Dubai International Chamber’s office opening took place during the ‘Doing Business with Nigeria’ forum. The strategic move positions Dubai-based traders to tap into the vast Nigerian market, fostering economic cooperation between the two states.
Driving bilateral trade
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted the significance of this expansion, emphasizing its role in establishing new channels for economic cooperation, “Establishing a presence in Lagos represents another significant milestone for Dubai International Chamber. The Nigerian market is one of the largest in Africa and enables Dubai-based traders to access a wide range of markets across Central and Western Africa.”
The move is part of the Dubai Global initiative, which targets 50 global representative offices by 2030, “Our Lagos office will establish new channels of communication and economic cooperation between Dubai and Nigeria, and we look forward to working together to boost bilateral trade and investment,” said Lootah.
Historical trade relations
Governor Olusola Sanwo-Olu of Lagos State acknowledged the historical trade ties that extend over four decades between the UAE and Nigeria. Dubai Customs reported substantial growth, with non-oil bilateral trade reaching 7.8 billion dirhams (USD 2.12 billion) in 2022, reflecting a remarkable 39.3 percent increase from the previous year.
Facilitating business expansion
The Lagos office, a strategic addition to Dubai’s global network, aims to strengthen ties with both public and private sector stakeholders. Offering comprehensive support to the Nigerian business community, it stands as a beacon for Nigerian companies seeking entry into the UAE market and provides assistance to Dubai-based businesses expanding their footprint in Nigeria.
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