Nigeria and the United Arab Emirates (UAE) are preparing to formalise a Comprehensive Economic Partnership Agreement (CEPA) during a bilateral meeting between President Bola Ahmed Tinubu and UAE President Sheikh Mohamed bin Zayed Al Nahyan, at the ongoing Abu Dhabi Sustainability Week.
Foreign Affairs Minister Yusuf Tuggar told journalists that the agreement aims to deepen existing economic ties, provide greater assurance to investors, and guarantee mutual protection for businesses operating in both nations.
“President Tinubu is going to have a bilateral with the President of the United Arab Emirates, His Highness Mohammed bin Zayed Al Nahyan, and one of the things to be discussed there is the Comprehensive Economic Partnership Agreement which is expected to be signed during that bilateral meeting,” Tuggar added.
He explained that the pact will not only attract UAE investments into Nigeria but also safeguard Nigerian interests abroad, particularly in Dubai, where many Nigerians operate businesses and factories.
“It also protects the investments of Nigerians. We have a lot of Nigerian businesses doing business in Dubai. Some actually even have factories. This further protects them, dignifies the Nigerian and ensures that Nigerians are respected wherever they go to invest or visit,” Tuggar said.
Describing Abu Dhabi Sustainability Week as a strategic platform bridging global climate conferences, Tuggar noted, “The Abu Dhabi Sustainability Week happens in between the COP. You need to concretise some of the agreements that have been reached; otherwise, it just ends up being a talk shop.”
He added that Nigeria’s participation is intended to translate climate commitments into tangible outcomes, saying, “This presents an opportunity to come with identified projects and try to source funding from some of the countries and organisations that are in attendance.”
Highlighting priority sectors for Nigeria-UAE collaboration, Tuggar identified gas development for electricity generation as a major focus. “We’re looking to invest further in gas for electricity. We have a lot of gas, and we need to develop it to power electricity. That is why we now have a lot of pipelines being constructed and a licensing round going on for acreage,” he said.
He also pointed to expanded trade relations, including agricultural commodities and manufacturing, as well as improved financial and aviation frameworks.
On the President’s planned address at the forum, Tuggar said, “He will talk about Nigeria’s focus in terms of deliverables, our goals and commitments, and ensuring that the projects we bring forward are viable and can convince funders,” emphasising that Nigeria’s engagement underscores its commitment to sustainable development and economic growth.
