LCCI Condemns Low Trade Volume Between Nigeria and Dubai
The President, Lagos Chamber of Commerce and Industry (LCCI), Mr Babatunde Ruwase, said despite both countries having similar economies, the trade volume was still low but however want the trade volume between Nigeria and Dubai to improve.
Ruwase, who was represented by the Director General, LCCI, Mr Muda Yusuf, at a meeting with the Dubai trade mission to Nigeria, said with closer cooperation between the private sectors of both countries, the trade volume could be improved.
According to him, “There are tremendous opportunities for cooperation and investment relations in infrastructure development especially power and engineering infrastructure.”
He assured that the chamber would extend all necessary support to improve trade and investment relations between Nigeria and Dubai.
He also implored Nigerian business owners to take advantage of the meeting to broaden the scope of their networking.
The Ambassador of the United Arab Emirates to Nigeria, Fahad Altaffag, expressed UAE’s readiness to deepen economic ties with Nigeria.
Altaffag said both countries had certain similarities and opportunities that could be explored to boost trade and investment by leveraging on technology, innovation and youthful energy across all sectors.
He said, “Over the past 15 years, our total bilateral non-oil trade growth witnessed a 17 per cent increase reaching about $1.7 billion dollars in 2017.
“More than 20 Nigerian trademarks are registered with the Ministry of Economy in Dubai.”
He said the investment of Nigerians in the UAE had risen to about $120 million across all sectors in 2016, due to the ease of doing business policy of the Nigerian Government.