LCCI targets increased Nigeria-UAE trade

The Lagos Chamber of Commerce and Industry (LCCI) has partnered Dubai to increase trade volumes between Nigeria and the United Arab Emirates.

During a business session  with the Dubai Trade Mission in Lagos, Babatunde Ruwase, president, LCCI, said there is a great deal of benefit in the promotion of trade relations between the two countries.

Ruwase, who was represented by Muda Yusuf, director-general, LCCI, said the current trade level between both countries, which is about $1.7 billion, is still very low, adding that this can change with closer cooperation between the private sectors of both countries.

Yusuf stated that there are opportunities for cooperation and investment relations in infrastructure development, especially in the areas of power and engineering infrastructure.

He explained that one of the key objectives of Nigeria’s Economic Recovery and Growth Plan {ERGP} is to reduce the dependence on imports and produce more domestically.

“This is important for job creation, poverty reduction and our desire to build an inclusive economy. I believe that increased trade between Nigeria and the UAE will enhance our drive for economic diversification,” he said.

He assured that the chamber would extend all necessary support to improve trade and investment relations between Nigeria and Dubai.

He implored Nigerian businesses to take advantage of the meeting to broaden the scope of their businesses.

Fahad Altaffag,  UAE Ambassador to Nigeria, expressed his country’s readiness to deepen economic ties with Nigeria to promote investment and trade between both countries.

Altaffag stated that both countries have certain similarities and opportunities that could be explored to boost trade and investment by leveraging technology, innovation and youthful energy across all sectors.

“Over the past 15 years, our total bilateral non-oil trade growth witnessed a 17 percent increase, reaching about $1.7 billion in 2017. More than 20 Nigerian trademarks are registered with the Ministry of Economy in Dubai,” he said.

He stressed that the investment of Nigerians in the UAE have risen to about $120 million across all sectors in 2016, due to the ease of doing business policy of the country’s government.

He pointed out that there are huge opportunities for both economies to achieve more with deeper synergies.

To achieve this, it is imperative to establish the right legislative infrastructure by defining the investment protection and promotion agreement to reduce stress between investors from both countries, he said, adding that economic outlook is not defined by the limits of the past but liberated by the positivity of the future.

Angel James

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