FAB in Lagos as Nigeria-UAE Trade Hits $5bn

By Ifeyinwa Ike

Nigeria and the United Arab Emirates (UAE) are deepening economic ties as First Abu Dhabi Bank (FAB) prepares to open in Lagos and Etihad Airways announced plans to begin operations to Abuja later this year.

The announcements came during a meeting between Nigeria’s Minister of Foreign Affairs, Ambassador Bianca Ojukwu, and UAE Ambassador to Nigeria, Salem Saeed Al-Shamsi.

Both officials said they are moving to implement the Comprehensive Economic Partnership Agreement (CEPA) signed by the two countries, which they said will deliver tangible benefits to Nigerian businesses, professionals and workers.

Ambassador Al-Shamsi said non-oil trade between Nigeria and the UAE rose from $4.3 billion in 2024 to $5 billion in 2025 and projected it could reach about $8 billion by 2027.

He also confirmed that visa restrictions affecting Nigerian travellers have been eased and that there were no longer visa rejections for Nigerian nationals.

According to the envoy, some 15,000 Nigerians travelled to the UAE in the past year following the easing of restrictions.

On security ties, the ambassador said the UAE stands firmly with Nigeria in its fight against terrorism and has issued multiple statements condemning attacks in the country.

Ambassador Al-Shamsi delivered a letter of congratulations from UAE Deputy Prime Minister and Minister of Foreign Affairs His Highness Sheikh Abdullah bin Zayed Al Nahyan on Ojukwu’s appointment.

Minister Ojukwu welcomed the UAE’s increased engagement and reiterated Nigeria’s commitment to creating an enabling environment for foreign direct investment, including from UAE sovereign wealth funds and private sector investors.

She praised progress on visa issues and highlighted the jump in non-oil trade as evidence of strengthened bilateral cooperation.

“I am happy to say that a lot of the issues raised when I was Minister of State for Foreign Affairs have been resolved in less than a year, especially regarding visas, We remain committed to working together to continue moving our bilateral relations from strength to strength.” Ojukwu said.

The two countries have maintained diplomatic relations since 1971, and officials described current ties as warm, cordial and mutually beneficial.