If you’ve been following the news, then you should know that Nigeria and the UAE have had a bit of a 'it’s complicated' relationship lately. From visa bans to flight drama, it's been giving toxic vibes in no distant past.
But hold your breath, we’ve just entered the 'Power Couple' era.
President Tinubu and the UAE’s President Zayed Al Nahyan just recently signed a Comprehensive Economic Partnership Agreement (CEPA). In plain English? We just secured a VIP pass into the Dubai market, and the gate fee is exactly zero Naira!
Here’s the gist:
Nigeria now has '7,000 Products' VIP list that the UAE has agreed to scrap 'entry fees' (tariffs) on. Meaning if you export fish, seafood, seeds, grains, cotton, or even locally made drugs (pharmaceuticals), you don’t pay a dime in duties to export to UAE. This deal will initially run for 5 years, meaning that over the next five years, things like Nigerian-made furniture, clothes, and even machinery will join the tax-free party.
Another sweet part of this deal is that there will be no more 'visitor' status for Nigerian's doing business in UAE. Usually, doing business in the UAE as a Nigerian felt like trying to enter a club with the wrong shoes. Not anymore.
Nigerian business owners can now stay in the UAE for up to 90 days a year to scout for deals without the usual stress, and if your business is ready to go global, the deal makes it way easier to open a branch or subsidiary in the UAE. You’re no longer just a 'tourist'; you’re a player.
Fair is fair, so, in exchange, Nigeria is removing tariffs on about 6,000 products from the UAE. But the catch is that we aren't opening the floor for cheap plastic or junk. We’re mostly letting in industrial tools, machinery, and raw materials; the stuff we actually need to build things here.
Our 'Import Prohibition List' (the things we’ve banned to protect local farmers and makers) stays exactly where it is. No shaking.
Why should you care?
This isn't just 'big boy' talk. If you’re an MSME (Small Business) owner in Aba, Kano, or Lagos, the Middle East just became your backyard. The UAE is a 'hub'; selling to Dubai means your goods can easily hop from there to the rest of the world.
Experts reckon this could pump an extra $3 billion into our trade volume and Minister Jumoke Oduwole put it simply; "This agreement was negotiated for you."
Since the government has cleared the road and removed the 'toll gates, now the ball is in our court. Whether you’re selling catfish or chemicals, it’s time to stop thinking local and start thinking global.
Dubai is calling. Are you picking up?