The recently signed Comprehensive Economic Partnership Agreement (CEPA) between Nigeria and the United Arab Emirates (UAE) is a game-changer for the country, according to Trade Minister Jumoke Oduwole. The deal is expected to boost Nigeria’s exports, attract investments, and create quality jobs for its youthful population.
Under the agreement, the UAE will eliminate tariffs on over 7,000 Nigerian products, including fish and seafood, oil seeds, cereals, cotton, pharmaceuticals, and chemicals. Tariffs on Nigerian machinery, vehicles, electrical equipment, apparel, and furniture will be phased out within three to five years.
On the other hand, Nigeria will eliminate tariffs on around 6,000 products, with 60% of these tariffs removed immediately and the rest phased over five years. The imports focus on industrial inputs, capital goods, and machinery to strengthen local production.
The CEPA also allows Nigerian businesses to establish entities, branches, and subsidiaries in the UAE, and grants business visitors up to 90 days of stay within a year. Executives and specialists can relocate for renewable three-year periods.
The agreement is a strategic instrument for economic transformation and export-led growth, positioning Nigeria as a gateway for investors seeking access to Africa’s 1.4 billion-person AfCFTA market. The minister emphasized that the pact aligns with Nigeria’s obligations under the WTO, AfCFTA, and ECOWAS.
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