UAE Bank Debuts in Lagos as Nigeria Non-Oil Trade with Abu Dhabi Hits $5bn

The First Abu Dhabi Bank has been scheduled for opening in Lagos, as Nigeria and the United Arab Emirates push economic ties to a new level, with non-oil trade between both countries hitting $5 billion in 2025.

UAE Ambassador to Nigeria, Salem Saeed Al-Shamsi, announced the development during the weekend in a meeting with Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu. 

He said that Abu Dhabi and Abuja are moving to implement the Comprehensive Economic Partnership Agreement signed by both nations, a deal expected to expand trade, investment, and job opportunities.

Al-Shamsi disclosed that non-oil trade between both countries trose from $4.3 billion in 2024 to $5 billion in 2025 and could reach $8 billion by 2027. He also confirmed that Etihad Airways will begin flights to Abuja later this year.

Visa restrictions have eased for Nigerians, the envoy said. He noted that visa rejections have stopped and at least 15,000 Nigerians travelled to the UAE in the past 12 months. The UAE, he added, has issued eight statements condemning terrorist attacks in Nigeria and remains committed to supporting Abuja’s security efforts.

Odumegwu-Ojukwu welcomed the progress and restated Nigeria’s commitment to attracting foreign direct investment, including from UAE sovereign wealth funds and private companies.

“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. Moving non-oil trade from $4.3 billion in 2024 to over $5 billion in 2025 shows your commitment to deepening our bilateral relations," She said.

The minister also disclosed that the UAE’s Deputy Prime Minister and Foreign Minister, Sheikh Abdullah bin Zayed Al Nahyan, was the first to call and congratulate her after her elevation by President Bola Tinubu. He extended an invitation for her to visit the UAE.

Nigeria and the UAE established diplomatic relations in 1971. Both countries described their partnership as warm, cordial, and mutually beneficial, with growing cooperation in trade, investment, aviation, and security.