Dubai International Chamber Expands with a New Office in Nigeria

Asma - | UAE

As part of its continuous endeavors to cultivate greater trade relations between Dubai and Nigeria, the Dubai International Chamber has launched its seventh office in Lagos, Nigeria.

Dubai International Chamber Expands Presence with Lagos Office to Boost UAE-Nigeria Trade

The initiative aligns with the broader objective of enhancing economic cooperation between the two regions and facilitating access to the Central and Western African markets.

A New Office Launched During the Forum

The launch of the Lagos office coincided with the 'Doing Business with Nigeria' forum, a key component of the 'New Horizons' trade mission to West Africa organized by the Dubai International Chamber. The move underscores Dubai's commitment to furthering economic collaboration and creating avenues for mutually beneficial partnerships.

Strategic Significance of the Nigerian Market

Dubai's entry into the Nigerian market is strategic, given Nigeria's standing as one of Africa's largest economies. The Lagos office serves as a gateway for Dubai-based traders, providing them with access to diverse markets across Central and Western Africa. The move reflects the chamber's proactive approach to capitalizing on the economic potential of the Nigerian market.

Assisting Businesses on Both Ends

The newly established office in Lagos will play a crucial role in assisting Nigerian companies seeking entry into the Dubai market. Simultaneously, it will provide guidance and support to Dubai-based businesses looking to invest in Nigeria, fostering a collaborative environment for trade and investment.

FDI Figures and Key Sectors

Dubai's foreign direct investment (FDI) in Nigeria witnessed substantial growth, amounting to $234.30 million (AED 862.2 million) between January 2018 and July 2023. Key sectors attracting investment during this period include food and beverage, real estate, financial services, software, and IT services.

Nigeria's Investor-Friendly Reforms

Nigeria's President Bola Tinubu has actively pursued investor-friendly reforms, eliminating foreign exchange controls to encourage foreign capital inflows and outflows. This move positions Nigeria as an attractive destination for global investors, with President Tinubu actively engaging with investors during visits to the UAE and Saudi Arabia.

Future Prospects and Economic Collaboration

The launch of the Lagos office marks a significant step in building bridges for economic growth between Dubai and Nigeria. As both regions explore opportunities for collaboration in various sectors, the Lagos office stands as a testament to Dubai's commitment to fostering economic ties, facilitating trade, and contributing to the overall development of the African continent.

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