Nigeria-UAE Non-Oil Trade Hits $5bn as First Abu Dhabi Bank Opens in Lagos

Michael Olugbode in Abuja

Economic relations between Nigeria and United Arab Emirates (UAE) have reached a new milestone, with bilateral non-oil trade rising to $5 billion in 2025 and plans underway for the opening of the First Abu Dhabi Bank (FAB) in Lagos, a development expected to deepen financial and investment ties between both countries.

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

The UAE envoy disclosed that the country’s largest financial institution, First Abu Dhabi Bank, was set to establish operations in Lagos, while UAE’s national carrier, Etihad Airways, will commence flights to Abuja later this year.

The developments signal a significant strengthening of economic cooperation between both nations, which have maintained diplomatic relations since 1971.

Al-Shamsi revealed that non-oil trade between Nigeria and UAE grew from $4.3 billion in 2024 to $5 billion in 2025, reflecting expanding commercial engagement and growing investor confidence.

He projected that trade volume could rise further to approximately $8 billion by 2027.

He also announced a major breakthrough in travel relations, stating that visa restrictions on Nigerian travellers had been substantially eased.

“There are no longer visa rejections for Nigerian nationals travelling to the UAE,” he said, adding that more than 15,000 Nigerians visited the Gulf nation over the past year following the relaxation of restrictions.

The ambassador reaffirmed UAE’s support for Nigeria’s security efforts, stating that his government has consistently condemned terrorist attacks in Nigeria and issued at least eight official statements denouncing acts of terrorism in the country.

Odumegwu-Ojukwu welcomed the growing partnership, describing the progress made within the last year as evidence of both countries’ commitment to advancing bilateral relations.

She stated that many of the issues she had raised during her tenure as Minister of State for Foreign Affairs had been resolved, particularly in the area of visa accessibility for Nigerians.

“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,” the minister said.

She praised UAE’s role in boosting economic exchanges, highlighting the increase in non-oil trade from $4.3 billion to more than $5 billion within a year.

Odumegwu-Ojukwu also reaffirmed Nigeria’s commitment to attracting foreign direct investment from UAE-based sovereign wealth funds and private investors, stressing that the federal government remains focused on creating an enabling business environment.

A key pillar of future economic cooperation, according to the minister, is the implementation of the Comprehensive Economic Partnership Agreement (CEPA) signed by both countries.

She expressed optimism that the agreement would significantly expand trade, investment opportunities, and professional exchanges between Nigeria and the UAE.

The meeting also served as an occasion for Al-Shamsi to deliver a congratulatory message from UAE Deputy Prime Minister and Minister of Foreign Affairs, Abdullah bin Zayed Al Nahyan, on Odumegwu-Ojukwu’s appointment as Nigeria’s foreign minister.

The minister disclosed that the UAE deputy prime minister was the first foreign dignitary to personally congratulate her following her elevation by President Bola Tinubu. She described the gesture as a reflection of the strong relationship between the two countries.

The latest developments underscore the rapidly expanding strategic partnership between Africa’s largest economy and one of the Middle East’s leading financial hubs.

With increasing trade volumes, improved travel access, new banking investments, and expanded aviation connectivity, both countries appear poised to enter a new phase of economic cooperation that could reshape commercial relations between West Africa and the Gulf region in the years ahead.