Nigeria–UAE Non-Oil Trade Hits Record $4.3 Billion, Eyes Deeper Economic Partnership
Trade relations between Nigeria and the United Arab Emirates (UAE) reached a historic milestone in 2024, with non-oil commodity exchanges valued at $4.3 billion, according to figures shared by the UAE Consulate in Lagos. The announcement underscores the growing importance of non-oil trade between the two countries, which have traditionally relied on hydrocarbons but are now diversifying into manufactured goods, precious stones, and services.
Speaking during a visit by Master’s students from the University of Lagos Department of Diplomacy and Strategic Studies, UAE Consul-General Salem Al Jaberi highlighted Africa’s potential as a hub for foreign direct investment. He described Nigeria as one of the Emirates’ “most strategic partners in the region,” noting that Lagos hosts the UAE’s first consulate in Africa. Al Jaberi added that the UAE ranked second for foreign direct investment inflows on the continent last year.
Al Jaberi stressed that while the $4.3 billion figure is impressive, “the numbers could be much higher with better partnerships across the board.” He revealed that the UAE is already among Nigeria’s top five trading partners in 2025 and that his office facilitates business-to-business, business-to-government, and government-to-government links to deepen market access. The Emirates has signed Comprehensive Economic Partnership Agreements with 11 countries—including Kenya and India—and hopes to strike a similar deal with Nigeria to simplify trade procedures.
The students’ visit formed part of their practical training on bilateral relations. Associate Professor Henry Ogunjewo, who led the delegation, said the exercise helped bridge classroom theory with real-world diplomacy. He urged the UAE to showcase its work in Africa more openly, pointing to opportunities for collaboration in economic, cultural, and humanitarian initiatives. “A stronger relationship between the consulate and our students could create a symbiotic platform for deeper understanding,” he said.
Data from the UN COMTRADE database show that in 2023 the UAE exported about $1.42 billion worth of goods to Nigeria—mainly vehicles, electrical equipment, and machinery, while Nigeria exported roughly $1.32 billion, dominated by pearls, precious metals, and mineral fuels. Although the balance favoured the UAE, analysts say the figures highlight potential for Nigeria to add value to its exports and diversify its product range. Experts believe a formal trade pact could boost non-oil commerce, reduce the trade gap, and attract more investment into Nigeria’s manufacturing and services sectors.
source: punch