Dubai International Chamber Establishes Presence in Nigeria

27 Nov, 2023

Dubai International Chamber Establishes Presence in Nigeria

The economic alliance between the UAE and African countries is poised for growth with the inauguration of Dubai International Chamber's new office in Nigeria. This move signifies a strategic expansion, marking the Chamber's seventh office in Africa.

Located in Lagos, the opening of this office coincided with the 'Doing Business with Nigeria' forum, an integral part of the Chamber's 'New Horizons' trade mission in West Africa. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, emphasized the significance of establishing a presence in Lagos, citing Nigeria's pivotal position as one of Africa's largest markets, providing Dubai-based traders access to a broad spectrum of markets in Central and Western Africa.

This expansion aligns with the Dubai Global initiative, aimed at establishing 50 commercial representative offices worldwide for Dubai by 2030. Lootah highlighted the Lagos office's role in fostering communication and economic collaboration between Dubai and Nigeria, aiming to elevate bilateral trade and investment prospects.

The newly inaugurated Lagos office is set to strengthen ties with both public and private sector stakeholders, offering robust support to the Nigerian business community. It will facilitate Nigerian companies entering Dubai while aiding Dubai-based enterprises in expanding their footprint within Nigeria.

Olusola Sanwo-Olu, Governor of Lagos State, commended the historical trade relations between the UAE and Nigeria, spanning over four decades. Notably, Dubai's non-oil bilateral trade with Nigeria surged to approximately 7.8 billion dirhams ($2.12 billion) in 2022, marking a remarkable 39.3% growth from the previous year.

Furthermore, the Dubai Chamber of Commerce witnessed an increase in Nigerian companies registered as active members, reaching 551 by September, including 75 new member companies joining in the first nine months of the current year. This indicates a growing interest and participation in fostering bilateral trade relations between the UAE and Nigeria.