The United Arab Emirates (UAE), has reaffirmed its commitment to bilateral operations saying Nigeria’s economy remains the largest in Africa.
This was contained in a statement signed by the Embassy of UAE in Abuja and made available to the News Agency of Nigeria (NAN).
It stated that the Embassy had commenced a series of trade and investment promotion activities aimed at bolstering the bilateral trade and investment volume between Nigeria and the UAE.
The trade promotion initiative was coordinated in collaboration with the UAE International Investment Council (UAEIIC), the UAE Ministry of Economy and the Federal Ministry of Industry, Trade and Investment in Nigeria.
According to the Embassy, the initiative focuses on attracting key industry stakeholders and investors across all sectors in Nigeria and the UAE in a bid to develop and explore future trade opportunities.
“Nigeria has been chosen among the 34 selected countries globally participating in the initiative because of its pivotal position as a top investment market in the West African region and its overall economic influence in Africa,” said the statement.
The UAE Minister of State, Ministry of Foreign Affairs and International Cooperation (MOFAIC), Sheikh Shakhboot Al Nahyan, expressed satisfaction with the level of trade, political and cultural partnership that exists between both countries.
“UAE is the ninth-largest exporter to Nigeria globally, the UAE continues to see Nigeria as the largest economy in Africa and also an important, trusted partner.
“For decades, both countries have continued to nurture strong bilateral relations, particularly in the areas of trade and investment.
“To date, we remain Nigeria’s largest trade partner in the Middle East region, accounting for 35 per cent of Nigeria’s total trade with the region,” he said.
He added that over the past few years, there had been high-level political exchanges amid continuing mutual trust between both countries, which led to the signing of several key agreements aimed at solidifying overall bilateral relations.
“It is my desire that the existing relationship continues to grow as the global economy gradually recovers from the effects of the Coronavirus (COVID-19), pandemic.
“Valued at N1.4 billion dollars in 2019, I will like to see this increase and look forward to working toward this in a mutually beneficial manner,” he said.