Nigeria–UAE Trade Hits $5bn as First Abu Dhabi Bank Set to Open in Lagos

Nigeria’s economic ties with the United Arab Emirates (UAE) have strengthened further as non-oil trade between both countries climbed to $5 billion in 2025, with expectations of even stronger growth driven by new financial and aviation investments.

A major development in the growing partnership is the planned entry of the First Abu Dhabi Bank (FAB) into Lagos, a move expected to deepen banking cooperation, boost investment flows and enhance trade between both nations.

The figures were disclosed by the UAE Ambassador to Nigeria, Salem Saeed Al-Shamsi, during a courtesy visit to the Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, in Abuja, where both countries reviewed progress in bilateral relations.

According to the ambassador, trade volume between Nigeria and the UAE rose from $4.3 billion in 2024 to $5 billion in 2025, with projections suggesting it could reach about $8 billion by 2027 as reforms and investment channels continue to expand.

Al-Shamsi also announced that Etihad Airways, the UAE national carrier, will commence flights into Abuja within the year, a development expected to strengthen business travel, tourism and bilateral connectivity.

He further revealed that visa restrictions on Nigerian travellers have been eased, noting that previous challenges with approvals have largely been addressed. He added that about 15,000 Nigerians visited the UAE in the past year following the policy adjustments.

The envoy reaffirmed his country’s commitment to supporting Nigeria in the fight against terrorism, noting that the UAE has issued multiple official statements condemning attacks in Nigeria.

He also delivered a congratulatory message from the UAE Deputy Prime Minister and Minister of Foreign Affairs, His Highness Sheikh Abdullah bin Zayed Al Nahyan, to Ambassador Odumegwu-Ojukwu on her appointment.

Responding, the Minister of Foreign Affairs restated Nigeria’s commitment to strengthening economic and diplomatic cooperation with the UAE, particularly in attracting foreign direct investment from sovereign wealth funds and private sector operators.

Odumegwu-Ojukwu said several longstanding issues between both countries, especially visa-related concerns, had been resolved through sustained diplomatic engagement.

“I am happy to say that a lot of the issues raised when I was Minister of State for Foreign Affairs have been resolved in less than a year, especially regarding visas,” she said.

She praised the increase in trade volume, describing it as evidence of stronger collaboration and mutual commitment to economic growth.

“In addition, you have been able to move the non-oil trade volume between both countries from $4.3 billion in 2024 to over $5 billion in 2025. This shows your commitment and unrelenting effort in deepening our bilateral relations,” she added.

The minister also noted that she received one of the earliest congratulatory calls from the UAE Deputy Prime Minister following her appointment by President Bola Ahmed Tinubu, describing the gesture as a mark of strong diplomatic goodwill.

Both countries reaffirmed their resolve to expand cooperation in trade, aviation, finance and investment as part of efforts to further consolidate one of Africa’s fastest-growing international partnerships.