Head of Nigeria’s mission in United Arab Emirate (UAE) Ambassador Ibrahim Anwalu has decried the unfavourable balance of trade between Nigeria and UAE due to the discovery that almost 99% of trade between both countries is inormal in spite of the cordial relations between them.
According to him, “The trade volume is big because a lot of Nigerians visit Dubai regularly for shopping, but about 99 per cent of this trade is informal.”
He said that the mission was currently negotiating investment promotion and protection agreement in that regard, noting that the agreement, when signed, would correct the trade imbalance and encourage foreign direct investments in Nigeria.
The Ambassador added that several UAE companies have communicated their readiness to invest in renewable energy, agriculture, mining and real-estate business in Nigeria.
While expressing dissatisfaction that the trade between both countries favoured UAE more than Nigeria, he was upbeat that “once we sign the agreement, it will open up Nigerian economy for more investments from companies in the UAE”.
Anwalu revealed that whereas UAE had become a choice destination for Nigerians that were interested in real estate business, “Nigerians remain the second largest property owners in Dubai’s real estate sector, after Indians”.