Nigeria and the United Arab Emirates (UAE) have signed a Comprehensive Economic Partnership Agreement (CEPA) to boost trade, strengthen investment and gain market access for exporters.
A statement issued by Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, disclosed this on Tuesday in Abuja.
Oduwole, who led the Nigerian negotiation said that the agreement was signed in Abu Dhabi by officials of Nigeria and the United Arab Emirates.
She said the deal would improve market access for Nigerian goods and services and attract quality investments into Nigeria.
“Under the agreement, the UAE will remove tariffs on more than 7,000 Nigerian products, which include, agricultural and industrial goods such as fish, cereals, cotton, chemicals and pharmaceuticals.
“Other Nigerian exports will enter the UAE market duty-free within five years, in 12 months. Nigerian companies can also establish branches and subsidiaries in the UAE.
“Also, business visitors from Nigeria will be allowed to stay in the UAE for up to 90 days yearly. Managers and specialists may also relocate under renewable three-year permits,” she said.
Oduwole said the agreement would boost Nigeria’s industrialisation and job creation, adding that the UAE investors would gain better confidence to invest in Nigeria.
She noted that Nigeria would also remove tariffs on about 6,000 imported products, noting that most of the products were industrial inputs, capital goods and machinery.
She further said that Nigeria’s import prohibition list would, however, remain unchanged.
According to her, the agreement also covers 99 services across 10 economic sectors. These include transport, construction, finance, tourism and communication.
She said the CEPA would help manufacturers expand exports as Nigeria would become a gateway for investors into Africa.
Oduwole added that the UAE institutions were already supporting infrastructure and other investments in Nigeria.
The minister noted that the agreement complies with World Trade Organisations (WTO), African Continental Free Trade Area (AfCFTA) and ECOWAS trade rules.
She urged Nigerian businesses to take advantage of the new opportunities and thanked Nigerian and UAE negotiators for their cooperation.
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