Nigeria and UAE Sign Trade Agreement to Waive Tariffs on Products
Nigeria and the United Arab Emirates (UAE) have inked a significant deal to waive tariffs on a wide range of products as part of a comprehensive economic partnership agreement. The agreement, signed in Abu Dhabi, will see the UAE removing tariffs on 7,315 Nigerian products immediately, granting duty-free access to 2,805 products, with the remaining 38.3% to be phased out over five years.
In return, Nigeria will eliminate tariffs on 6,243 products imported from the UAE. Sam Onuigbo, a member of the House of Representatives Nigeria, highlighted the agreement's potential to enhance the business environment and employment opportunities in Nigeria.
The deal is set to bolster economic ties and facilitate trade between the two countries, with a focus on creating a conducive environment for businesses to thrive. The agreement also aligns with Nigeria's efforts to address energy challenges, industrialization goals, and climate change initiatives.
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