The President of the Dubai Chamber, Mohammed Lootah, has stated that the bilateral commerce between Nigeria and Dubai in non-oil products reached a value of $2.1 billion in 2022.
The Punch reported that he said this at the New Horizons Trade Mission in Nigeria, which took place in Lagos on Thursday.
Held in collaboration with the Lagos Chamber of Commerce, the event was entitled “Doing Business with Nigeria.”
Lootah said establishing a presence in Nigeria constituted another major milestone for Dubai International Chamber.
He added that the calculated action establishes an essential foundation for augmenting international collaborations in one of the foremost economies of Africa.
“Dubai and Nigeria already share a strong economic relationship,” he stated, noting that bilateral non-oil trade is expected to reach a value of $2.1 billion in 2022.
“This indicates a noteworthy annual growth rate of 39.3% and highlights the strengthening links among our corporate communities.
“The opening of our Lagos office, the chamber’s seventh in Africa and 28th globally, creates new avenues for interaction and business collaboration.
“Our team will collaborate with local partners to deepen Dubai’s strong commercial ties with Nigeria, co-host networking and business-matching events, and make sure businesses and investors in both markets have access to all the resources they require to find business opportunities and increase trade and investments.”
The governor of Lagos State, Babajide Sanwo-Olu, stated that for more than 40 years, Nigeria and the United Arab Emirates have had a mutually beneficial relationship based on support and robust bilateral trade.
According to Sanwo-Olu, the UAE is the country’s main source of imports for jewelry, automobiles, and equipment, while Nigeria exports gold, crude oil, and petroleum gas.
“Distinguished guests, Lagos State plays a strategic role in Nigeria-UAE bilateral relations as a major destination of most imports from the UAE,” the governor declared.
“Lagos is a place of enormous investment chances and potentials, with a big market powered by an active and highly mobile population of over 20 million people, many of whom are high- and middle-class earners. Lagos is known as the economic hub of Nigeria.”
The President of the Lagos Chamber of Commerce and Industry, Michael Olawale-Cole, said the forum would increase business participation and offer productive means for companies to network and establish new alliances.
