Tinubu Signs Comprehensive Economic Pact with United Arab Emirates

•Says Nigeria will co-host Investopia with UAE in February

•Discloses plan to mobilise $30bn annually in climate, green industrial finance

•  Trade deal will benefit Nigerian businesses, professionals, workers, says Oduwole

•UAE to remove tariffs on over 7,000 Nigerian export products

Deji Elumoye in Abuja

Nigeria yesterday signed a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE) on the side-lines of the 2026 Abu Dhabi Sustainability Week (ADSW). President Bola Tinubu, who announced this in Abu Dhabi, stated that CEPA was to deepen trade and cooperation in renewable energy, infrastructure, logistics, and digital trade.

Tinubu also disclosed that Nigeria would co-host Investopia with the UAE in Lagos in February, an initiative aimed at attracting global investors and accelerating sustainable investment inflows.

Present at the signing of the agreement, according to a statement issued by presidential spokesperson, Bayo Onanuga, were Tinubu; his UAE counterpart, Mohamed bin Zayed Al Nahyan; Nigeria’s Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole; and UAE Minister of Foreign Trade and Minister in charge of Talent Attraction and Retention, Dr. Thani bin Ahmed Al Zeyoudi.

Tinubu described CEPA as a historic and strategic agreement that would also enhance cooperation in aviation, logistics, agriculture, and climate-smart infrastructure, creating enduring opportunities for people of the two countries.

According to him, Investopia would bring together investors, innovators, policymakers, and business leaders to transform opportunities into commitment and ideas into investment.

‘’We warmly invite our partners to join us and help build the next chapter of sustainable and shared prosperity for Nigeria, Africa, and the world,’’ Tinubu said.

The president told the summit that Nigeria aimed to mobilise up to $30 billion annually in climate and green industrial finance as it accelerated energy transition reforms and expanded nationwide electricity access.

He stated, ‘’The foundation of every modern economy is electricity. As an emerging economy in the Global South, we understand the delicate balance between industrialisation and decarbonisation, ensuring neither is pursued at the expense of the other.

‘’We are calling for a fundamental shift in the global financial architecture: a move away from the restrictive requirement of sovereign guarantees, which unfairly penalise developing economies.

‘’Instead, the focus should be on blended finance and first-loss capital mechanisms that allow private sustainable capital flows directly into our green projects without further straining national balance sheets.’’

The president said Nigeria had strengthened its climate governance framework with the adoption of a National Carbon Market Activation Policy and the launch of a National Carbon Registry.

He explained that those measures were aimed at improving transparency and investor confidence.

Tinubu highlighted the Electricity Act 2023 as a central pillar of Nigeria’s energy reforms, stating that it enables decentralised power generation and distribution to underserved communities.

He added that Nigeria’s climate investment drive included a $500 million distributed renewable energy fund backed by the Nigeria Sovereign Investment Authority, as well as a $750 million World Bank programme expected to expand clean electricity access to more than 17.5 million people.

Tinubu reaffirmed Nigeria’s target of net-zero emissions by 2060, under its Energy Transition Plan, while pursuing industrial growth and universal energy access.

He invited foreign investors to partner in Nigeria’s lithium and critical minerals sector, stressing that the government prioritises local processing and value addition.

Tinubu stated that Nigeria’s ongoing economic reforms were producing tangible results, including a 21 per cent growth in non-oil exports.

He said, ‘’These reforms, alongside wider fiscal and monetary measures, are delivering results. Non-oil exports have grown by 21 per cent, supported by a more diversified product base. Capital importation has risen, and Nigeria now has over 50 billion dollars in investment commitments across key sectors.

‘’We are ready to work with partners across the world to ensure that the next era of development is not only green and inclusive, but just and enduring.’’

Oduwole, also yesterday, explained what Nigeria stood to gain from the economic agreement with the UAE.

Speaking with newsmen in Abu Dhabi, the minister explained that CEPA would transform economic ties between the two nations and deliver tangible benefits for Nigerian businesses, professionals, and workers.

According to her, “This agreement is the product of focused and determined negotiations led by the Federal Ministry of Industry, Trade and Investment under the direction of the Minister and Chief Negotiator for Nigeria, Dr Jumoke Oduwole.

“It prioritises market access for Nigerian goods and services, facilitates quality investment inflows, and advances our national economic diversification under the Renewed Hope Agenda of President Bola Tinubu.”

On what the trade agreement would deliver for Nigeria, Oduwole said, “For Nigerian exporters, the UAE will eliminate tariffs on over 7,000 products. Immediately, our agricultural and industrial products – fish and seafood, oil seeds, cereals, cotton, pharmaceuticals, chemicals and more – will enter the UAE market duty-free.

“Over the next three to five years, the UAE will eliminate tariffs on Nigerian machinery, vehicles, electrical equipment, apparel, and furniture. Nigerian industrial exports now have a clear and competitive pathway into one of the world’s most dynamic trading hubs.

“In addition, Nigerian businesses can establish operations in the UAE through new corporate entities, branches, and subsidiaries.

“Nigerian business visitors can enter the UAE for up to 90 days in 12 months to explore trade and investment opportunities while intra-corporate transferees, our managers, executives, and specialists can relocate with their corporate entities for renewable three-year periods.”

Oduwole added, “For Nigeria’s investment climate, this agreement addresses longstanding impediments to foreign direct investment. UAE investors now have clarity and confidence to invest in Nigeria’s productive sectors. This will support Nigeria’s industrialisation agenda, enhance transport and logistics connectivity, and contribute to the creation of quality jobs for our youthful population.”

She said Nigeria’s commitments under the agreement included that regarding trade in goods, Nigeria will eliminate tariffs on around 6,000 products.

The minister stated, “Tariffs on around 60 per cent of these products will be eliminated immediately, with the remainder phased over five years. These imports are concentrated in industrial inputs, capital goods, and machinery that will strengthen Nigeria’s productive capacity. Nigeria’s Import Prohibition List remains in effect.

“On trade in services, Nigeria’s commitments cover 99 specific services across 10 sectors, including business services, communication, transport, financial services, construction, distribution, health, environment, recreational/sporting, and tourism.”

Describing the agreement as strategic for a diversified economy and economic transformation, Oduwole emphasised that with significant market access secured for value-added and industrial goods, the agreement incentivised Nigerian manufacturers to scale production for export.

She said, “The CEPA also positions Nigeria as the gateway for international investors seeking access to the African Continental Free Trade Area and its 1.4 billion people.

“Nigeria has already recorded unprecedented participation from UAE institutional investors, including First Abu Dhabi Bank, particularly in infrastructure financing. Notably, this includes support for the construction of the Lagos–Calabar Coastal Road, representing a strong vote of confidence in Nigeria’s macroeconomic trajectory and reform agenda. Sky Capital has been instrumental in supporting the CEPA agreement and in projecting Nigeria’s investor readiness. The signing of the agreement signals acceleration of deals in agriculture, real estate, digital banking, retail and infrastructure financing.

“The agreement is fully consistent with our obligations under the World Trade Organisation, the African Continental Free Trade Area, and ECOWAS.”

The minister further disclosed that for swift implementation, the Federal Ministry of Industry, Trade and Investment (FMITI), working with key Ministries, Departments, and Agencies (MDAs), such as Nigeria Customs Service (NCS), alongside FMITI agencies, such as Nigerian Export Promotion Council (NEPC), and Nigerian Investment Promotion Commission (NIPC), and Standards Organisation of Nigeria (SON), will ensure that Nigerian businesses and investors had the information, support, and facilitation they needed to take swift and full advantage of the agreement in line with Mr. President’s “Nigeria First” directive.