<< Back             Poser >> Nigeria-UAE trade surges 66.7% to $5bn in 1 year Business By Yinka Kolawole Bilateral trade between Nigeria and the United Arab Emirates (UAE) rose by 66.7 percent to about $5 billion in 2025 from $3 billion in 2024, highlighting growing economic ties between both countries as they move towards formalising a Comprehensive Economic Partnership Agreement (CEPA). The development was disclosed when the UAE Ambassador to Nigeria, Salem Saeed Alshamsi, paid a courtesy visit to the Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, at the Ministry of Foreign Affairs in Abuja. In a statement issued by Kimiebi Imomotimi Ebienfa, spokesperson for the Ministry of Foreign Affairs, Alshamsi said the UAE had already ratified the trade agreement and expressed optimism that Nigeria’s completion of its domestic ratification process would further unlock investment opportunities. He said the CEPA could deepen investments in key sectors including manufacturing, services, energy and financial services. The ambassador also disclosed that consultations were ongoing with Nigerian authorities on plans to introduce direct Emirates Airline flights into Abuja, a development expected to strengthen business and tourism connectivity between the two countries. Responding, Enikanolaiye welcomed the growth in bilateral trade, particularly the expansion of non-oil economic cooperation, describing it as consistent with Nigeria’s economic diplomacy agenda. He assured the UAE delegation of the Federal Government’s commitment to accelerating the CEPA process and called for the early convening of the Nigeria-UAE Joint Commission to resolve outstanding issues affecting bilateral economic cooperation. The minister said the partnership should go beyond trade in goods to encompass investment, technology transfer and human capital development. He identified artificial intelligence, digital technology and financial technology as areas where Nigeria could benefit from deeper cooperation with the UAE. According to him, technical partnerships, knowledge transfer and capacity-building programmes would help equip Nigerian youths with skills required to participate effectively in the digital economy. The expansion in bilateral trade comes as Nigeria seeks to attract more foreign investment, diversify its economy and reduce dependence on oil revenues. The CEPA is expected to provide a broader framework for strengthening trade and investment flows between the two countries, while improving market access and creating opportunities for businesses in both economies. Both sides are expected to continue consultations towards completing the necessary domestic processes for the agreement and strengthening institutional mechanisms for its implementation. Vanguard	Naira depreciates to N1,362/$ in parallel market The Naira yesterday depreciated to N1,362 per dollar from N1,357 in the parallel market on Monday. West Africa must modernise agriculture for food security – Experts Experts have called for the urgent modernisation of agriculture across West Africa, stressing the need to move beyond increased production and focus on transforming agricultural value chains to ensure food security and improved nutrition amid growing climate and population pressures. Climate change threatens Nigeria’s food systems as farmers count losses ….experts call for urgent, sustainable measures to mitigate impacts By Gabriel Ewepu ABUJA — Nigeria’s food system is facing growing threats from climate change as erratic rainfall, prolonged dry spells, flooding, rising temperatures, pests and diseases disrupt farming activities, slash yields and leave farmers counting losses running into billions of Naira. The situation, according to […] World Bank: Fuel price to slow Nigeria’s poverty reduction •Says rising pre-election spending may derail reforms •Raises Nigeria’s 2026 growth forecast to 4.3% •Projects 15.7% inflation rate for 2026 •44% of firms in Nigeria, Kenya adopt AI, power constraints threaten gains By Babajide Komolafe, Economy Editor The World Bank has warned that elevated fuel prices could slow Nigeria’s poverty reduction efforts despite an expected […] Government releases GH¢9.1b covering six quarters of DACF to MMDAs – Ayariga Mr Mahama Ayariga, the Minister of Local Government, Chieftaincy and Religious Affairs, has announced government's release of GH¢9.1 billion, covering six quarters of the District Assemblies Common Fund (DACF) to Metropolitan, Municipal, and District Assemblies (MMDAs) nationwide. Cedi was worst African currency in quarter 2, 2026 – World Bank According to the World Bank, the escalation of the conflict in the Middle East initially exerted broad-based pressure on African currencies.