RIYADH: Economic ties are expected to deepen between the UAE and African nations with the opening of a new office of Dubai International Chamber in Nigeria.
This marks the seventh such office on the African continent, said the Dubai government in a statement.
Situated in Lagos, the opening of the new office took place at the ‘Doing Business with Nigeria’ forum, which was organized as a key component of the chamber’s ‘New Horizons’ trade mission to West Africa, as mentioned in the statement.
Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers, said: “Establishing a presence in Lagos represents another significant milestone for Dubai International Chamber. The Nigerian market is one of the largest in Africa and enables Dubai-based traders to access a wide range of markets across Central and Western Africa.”
This expansion aligns with the Dubai Global initiative, which targets the establishment of 50 commercial representative offices worldwide for Dubai by 2030.
“Our Lagos office will establish new channels of communication and economic cooperation between Dubai and Nigeria, and we look forward to working together to boost bilateral trade and investment,” added Lootah.
The Lagos office will strengthen ties with public and private sector stakeholders, offering comprehensive support to the Nigerian business community. It will assist Nigerian companies entering the emirate and support Dubai-based businesses in expanding their presence in Nigeria.
For his part, Olusola Sanwo-Olu, governor of Lagos State, praised the historical bilateral trade relations between the UAE and Nigeria, which date back more than four decades.
According to Dubai Customs, the emirate’s non-oil bilateral trade with Nigeria reached a value of around 7.8 billion dirhams ($2.12 billion) in 2022, representing a 39.3 percent growth compared to 2021.
The number of Nigerian companies registered as active members of the Dubai Chamber of Commerce stood at 551 at the end of September, including 75 new member companies that joined during the first nine months of this year.
