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Nigeria, largest economy in Africa – UAE

The United Arab Emirates (UAE), on Wednesday, stated Nigeria remained the most important financial system in Africa.

This was contained in an announcement signed by the Embassy of UAE in Abuja and made out there to the Information Company of Nigeria (NAN).

It said that the Embassy had commenced a collection of commerce and funding promotion actions geared toward bolstering the bilateral commerce and funding quantity between Nigeria and the UAE.

NAN experiences that the commerce promotion initiative was coordinated in collaboration with the UAE Worldwide Funding Council (UAEIIC), the UAE Ministry of Financial system and the Federal Ministry of Business, Commerce and Funding in Nigeria.

In line with the Embassy, the initiative focuses on attracting key business stakeholders and buyers throughout all sectors in Nigeria and the UAE in a bid to develop and discover future commerce alternatives.

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“Nigeria has been chosen among the many 34 chosen nations globally collaborating within the initiative due to its pivotal place as a high funding market within the West African area and its general financial affect in Africa,” stated the assertion.

The UAE Minister of State, Ministry of Overseas Affairs and Worldwide Cooperation (MOFAIC), Sheikh Shakhboot Al Nahyan, expressed satisfaction with the extent of commerce, political and cultural partnership that exists between each nations.

“UAE is the ninth-largest exporter to Nigeria globally, the UAE continues to see Nigeria as the most important financial system in Africa and in addition an essential, trusted accomplice.

“For many years, each nations have continued to nurture robust bilateral relations, significantly within the areas of commerce and funding.

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“Thus far, we stay Nigeria’s largest commerce accomplice within the Center East area, accounting for 35 per cent of Nigeria’s complete commerce with the area,” he stated.

He added that over the previous few years, there had been high-level political exchanges amid persevering with mutual belief between each nations, which led to the signing of a number of key agreements geared toward solidifying general bilateral relations.

“It’s my want that the prevailing relationship continues to develop as the worldwide financial system progressively recovers from the results of the COVID-19 pandemic.

“Valued at 1.4 billion {dollars} in 2019, I’ll prefer to see this improve and look ahead to working towards this in a mutually helpful method,” he stated.


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