Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has inaugurated its seventh representative office on the African continent in Nigeria. Located in Lagos, the chamber’s 28th international office worldwide will further strengthen economic and trade ties between the business communities in Dubai and Nigeria.
The new office was inaugurated in the presence of His Excellency Babajide Olusola Sanwo-Olu, Governor of Lagos State, during the ‘Doing Business with Nigeria’ forum. The event was organised as part of the chamber’s ‘New Horizons’ trade mission to West Africa, which attracted the participation of 15 Dubai-based companies representing 10 diverse economic sectors. Hosted in Lagos, the forum was attended by more than 230 participants and saw the chamber successfully coordinate over 195 bilateral business meetings between Dubai-based companies and their counterparts in the Nigerian market.
During his welcome address at the event, H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said:
“Establishing a presence in Lagos represents another significant milestone for Dubai International Chamber. The Nigerian market is one of the largest in Africa and enables Dubai-based traders to access a wide range of markets across Central and Western Africa. The opening of the new office reflects our commitment to achieving the objectives of the Dubai Global initiative launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, to establish 50 commercial representative offices for Dubai around the world by 2030.”
H.E. Lootah further emphasised the important role of the New Horizons initiative, which is focused on organising international trade missions to help Dubai-based companies expand into priority markets.
His Excellency added:
“We remain dedicated to implementing our strategic priorities and supporting the success of the private sector to bring the ambitions of the Dubai Economic Agenda (D33) to life. Our Lagos office will establish new channels of communication and economic cooperation between Dubai and Nigeria, and we look forward to working together to boost bilateral trade and investment.”
His Excellency Babajide Olusola Sanwo-Olu, Governor of Lagos State, praised the historical bilateral trade relations between the UAE and Nigeria, which date back more than four decades. Key Nigerian exports to the UAE include gold, while Nigeria imports equipment, cars, and jewellery from the UAE.
His Excellency stated that the partnership between the two nations can serve as a catalyst for growth, innovation, and prosperity, emphasising that the UAE's expertise in the field of logistics and entry into global markets aligns with Lagos' potential as a manufacturing and technology hub and can help take joint relations to new heights. Highlighting key sectors for cooperation including fintech, renewable energy, and smart city solutions, His Excellency said that the UAE's extensive experience in these sectors is set to bring benefits to Nigeria, while the chamber’s new office in Lagos creates a platform to strengthen economic relations and drive prosperity.
The new office will seek to strengthen relationships with key public and private sector stakeholders and deliver a comprehensive range of support to the Nigerian business community, including assisting Nigerian companies to enter the Dubai market and expand through the emirate. The team in Lagos will also support and guide Dubai-based businesses that plan to enter the Nigerian market throughout every stage of their international growth journeys.
The opening supports the goals of the Dubai Global initiative, which aims to attract foreign companies, SMEs, investors, and international talent to Dubai by showcasing the emirate’s competitive advantages, sharing market intelligence, and enhancing engagement with key international stakeholders.
Unlocking Opportunities in Africa
The ‘Doing Business with Nigeria’ forum was organised by Dubai International Chamber in cooperation with the Consulate General of the UAE in Lagos; the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture; and the Lagos Chamber of Commerce and Industry.
The event featured speeches from H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers; His Excellency Babajide Olusola Sanwo-Olu, Governor of Lagos State; Mr. Dele K. Oye, President of the Nigerian Association of Chambers of Commerce, Mines and Agriculture; and Dr. Michael Olawale-Cole, President of the Lagos Chamber of Commerce and Industry.
Dubai International Chamber’s West Africa roadshow comes as part of New Horizons, an initiative that enables companies to participate in pre-arranged events and bilateral business meetings to explore investment opportunities and joint economic partnerships. New Horizons forms a key part of the chamber’s strategy to achieve the ambitions of Dubai’s foreign trade plan, which aims to increase the value of non-oil foreign trade to AED 2 trillion by 2026.
According to Dubai Customs, the emirate’s non-oil bilateral trade with Nigeria reached a value of around AED 7.8 billion in 2022, achieving a remarkable YoY growth of 39.3%. The number of Nigerian companies registered as active members of Dubai Chamber of Commerce stood at 551 at the end of September, including 75 new member companies that joined during the first nine months of this year.
FDI Intelligence data indicates that investments from Dubai to Nigeria amounted to US$ 234.30 million (approximately AED 862.2 million) between January 2018 and July 2023, with prominent sectors including food and beverage, real estate, financial services, software, IT services, business services, fertilisers, building materials, and transportation and storage.
The New Horizons West Africa trade mission is aligned with Dubai International Chamber’s goal of supporting the global expansion of 100 Dubai businesses by the end of 2024. In addition to assisting Dubai-based companies with their international growth plans, the chamber works to ensure the emirate remains a magnet for foreign direct investment, bolstered by its powerful network of international offices worldwide.
News Source: Dubai Media Office
