NACCIMA: Nigeria-UAE Trade Pact To Drive $1 Trillion Economy Goal
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has formally commended President Bola Ahmed Tinubu on the signing of the Nigeria-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA), describing it as a “strategic milestone” for the nation’s economic trajectory.
In a statement made availabletoChannelNetworkAfrique, CNA, NACCIMA noted that the agreement aligns directly with the Federal Government’s Renewed Hope Agenda, specifically supporting the ambitious goal of transitioning Nigeria into a $1 trillion economy by 2030.
Strategic Economic Implications
The CEPA is designed to provide a structured and predictable framework for bilateral trade. According to NACCIMA, the agreement focuses on several high-priority objectives:
- Market Expansion: Increasing the footprint of Nigerian goods and services within the UAE and the broader Middle East.
- Capital Inflow: Boosting investor confidence to attract foreign direct investment (FDI) into manufacturing, agribusiness, and infrastructure.
- Integration: Linking Nigerian enterprises with global value chains and the digital economy.
A Gateway to Africa
NACCIMA highlighted that the pact reinforces Nigeria’s status as a premier investment destination. By leveraging the African Continental Free Trade Area (AfCFTA) and Nigeria’s influence within the ECOWAS sub-region, the CEPA creates a reciprocal gateway for UAE investors to access the wider African market.
”Private sector partnership remains the primary engine of sustainable growth,” the statement read. “The CEPA provides a robust platform for deepened collaboration to scale production, boost exports, and create jobs.”
Commitment to Implementation
While celebrating the diplomatic success, NACCIMA emphasized the importance of effective execution. The Association pledged to collaborate with government ministries and agencies to ensure the private sector can capitalize on the agreement through:
- Structured trade missions and export readiness programs.
- Investment facilitation and policy dialogue.
- Industrial growth initiatives.
The Association concluded by congratulating the Federal Government and all involved agencies, noting that the agreement lays a “solid foundation for inclusive growth and long-term national prosperity.”
