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Explainers - Finance - News around Africa - Profiles - December 5, 2019

UAE Moves to Stimulate Bilateral Investments with Nigeria

The United Arab Emirates (UAE) has said it is ready to stimulate its bilateral investments with Nigeria.

UAE’s Ambassador to Nigeria, Dr Fahad AL-Taffaq said this in a speech to mark the 48th National Day of the UAE in Abuja on Tuesday, December 3.

In a report by NAN, he maintained that both countries have so far enjoyed balanced foreign policy centered on mutual tolerance, humanitarian assistance, moderation, and political sincerity that helps builds in diplomatic relations.

The UAE National Day commemorates the unification of the seven Emirates in 1971 with a view to achieving the 2021 vision – a dream to make UAE globally competitive. Every December 2, UAE’s Union Day is remembered and this date stands for its nationalisation from the British Protectorate Treaties which were declared in 1968.

“…as of 2018 the total volume of non-oil bilateral trade between the UAE and Nigeria stands at 1.5billion dollars, Al-Taffaq noted.

“This is set to increase with the recent opening of a consulate office in Nigeria’s commercial capital, Lagos in June, 2019.

“To increase bilateral relations between UAE and Nigeria, the two main UAE airlines “Emirates Airlines and Etihad Airways” operate combined 28-flights weekly from Abu – Dhabi and Dubai-Lagos and Abuja.

“This represents the highest flight route from Nigeria to any other country globally, in addition Nigerian carrier, Air Peace recently launched three-weekly flights from Nigeria to Dubai via Sharjah.”

He added that the UAE plans to compete on the world stage and is banking on the reliance on extensive capital and technological know-how as important resource of the country.

In a remark, Dr Uchechukwu Ogah, Minister of State for Mines and Steel, congratulated the people of UAE on the commemoration of the occasion of their 48th anniversary celebration.

He prayed God to continue grant the government and people of UAE good cause to celebrate many more years ahead and assured of Nigeria’s to support them in any way as a nation.
According to him, the story of UAE is a story of great possibilities.

“We can see what they achieved since the 48 years of their existence and we want to congratulate them and also appreciate the wonderful work they are doing touching the whole world.

“Over the years, there have been mutual bilateral relations between Nigeria and the UAE, in terms of trade, education, technology and humanitarian supports.

“We have collaborated in ways which gave rise to the visit by President Muhammadu Buhari to UAE to strengthen the bilateral relationship for the future of both countries.

“I thank UAE for the great work they have doing and also use this opportunity to wish them well.” Ogah said.

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