Dubai Chamber President Announces $2.1 Billion Non-Oil Trade Between Nigeria and Dubai in 2022

The President of Dubai Chamber, Mohammad Lootah, revealed at the New Horizons Trade Mission in Nigeria that non-oil bilateral trade between Nigeria and Dubai soared to an impressive $2.1 billion in 2022.

The event, themed “Doing Business with Nigeria,” was conducted in collaboration with the Lagos Chamber of Commerce and attracted key stakeholders from both regions.

Lootah emphasized the strategic significance of establishing a presence in Nigeria for Dubai International Chamber.

The move not only marks a milestone but also creates a vital platform for fostering cross-border partnerships in one of Africa’s leading economies.

He highlighted the growing economic ties between Dubai and Nigeria, showcasing a remarkable annual growth rate of 39.3% in non-oil bilateral trade.

The President of Dubai Chamber expressed the commitment of the newly launched Lagos office to deepen connections between business communities.

The office, the chamber’s seventh in Africa and 28th worldwide, aims to facilitate communication, economic cooperation, and support for companies and investors navigating business opportunities.

Governor Babajide Sanwo-Olu of Lagos State acknowledged the longstanding and mutually beneficial relationship between Nigeria and the UAE, spanning over 40 years.

He pointed out that Lagos, as a major destination for UAE imports, plays a strategic role in bilateral relations. Sanwo-Olu highlighted Lagos’s immense investment opportunities, driven by a dynamic and sizeable population, making it an attractive market for various industries.

The President of the Lagos Chamber of Commerce and Industry, Michael Olawale-Cole, emphasized the significance of the forum in fostering greater business engagement and providing effective avenues for businesses to interact and form new partnerships.

The event, bringing together key leaders and stakeholders, serves as a catalyst for advancing economic cooperation and trade relations between Nigeria and Dubai.