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UAE to promote investment and trade with Nigeria


The programme was organised by the Lagos Chamber of Commerce and Industry (LCCI) and the UAE Embassy in Nigeria.
During this programme, Amb. Fahad Altaffag, United Arab Emirates Ambassador to Nigeria, expressed the desire of a country at the Dubai-Nigeria Export.


He said, "both countries had certain similarities and opportunities which could be explored to increase the trade and investment by using the technology, innovation and youthful energy to its maximum across all sectors."


The United Arab Emirates (UAE) expressed their views with respect to deepening economic ties with Nigeria towards promoting investment and trade between the two countries.


Further, Altffag reported that, "over the past 15 years, the total bilateral non-oil trade growth witnessed a 17 per cent increase reaching about 1.7 billion dollars in the year 2017."


He also stated saying, "more than 20 Nigerian trademarks are registered with the Ministry of Economy in Dubai."


The Nigerians investment in the UAE had increased to about 120 million dollars across all sectors in 2016 and due to the efforts of doing business policy of the federal government.


Altffag said, "there were lot many oppotunities for both economies to achieve more with deeper team work. And in order to achieve that, it is necessary to establish the right legislative infrastructure by defining the investment protection and promotion agreement to decrease the stress between investors from both countries."


President of LCCI, Mr. Babatunde Ruwase, commented, "the increased trade between both countries would extent Nigeria's drive for economic diversification, adding that the country was looking ahead to a trade relation which would be mutually beneficial."


Mrs Olayinka Oladunjoye, Lagos State Commissioner for Commerce, Industry and Cooperatives, said "the partnership would extent employment, wealth creation and deepen Nigeria’s desire to build an inclusive economy."


Mr Olukayode Pitan, Managing Director, Bank of Industry, said "financial institutions in Nigeria needed to merge more with Dubai banks on ideas to promote non-interest banking."


“We have the mind, the capability and the will; this is the time to unleash our potential to reach beyond business as usual, to push the boundaries of partnership and fast forward to a bright and progressive future for both nations,” Amb. Altffag said.

Source : newzmart