Mohammad Lootah, President and CEO of Dubai Chambers, announced the opening of a representative office in Lagos, Nigeria, during the ‘Doing business with Nigeria’ event organized by the Lagos Chamber of Commerce and Industry (LCCI).
This move is aimed at strengthening cross-border partnerships between the two economies, with the Lagos office becoming Dubai Chambers’ seventh in Africa and 28th globally.
Lootah emphasized that the establishment of the representative office is a response to the strong economic ties between Nigeria and Dubai, creating a channel for communication and economic cooperation.
The move aligns with the existing robust economic relationship, as non-oil bilateral trade between the two nations reached a value of US$2.1 billion in 2022, demonstrating an annual growth rate of 39.3 percent.
The Dubai Chamber currently has over 550 registered businesses from Nigeria, with 75 new member companies joining in the first nine months of the current year.
Lootah expressed optimism about the potential to enhance cooperation and boost cross-border trade and investments across various sectors.
He stated, “Nigeria offers the perfect launchpad for companies seeking to do business in West Africa,” and highlighted the opportunities for matchmaking sessions that would connect businesses and foster mutual success.
Governor Babajide Sanwo-Olu of Lagos state praised the decision, emphasizing the longstanding mutually beneficial relationship between Nigeria and the United Arab Emirates (UAE).
Sanwo-Olu noted the significant role of Lagos in the bilateral relations, serving as a major destination for imports from the UAE.
The governor highlighted the value of Nigerian exports to the UAE, including gold, crude oil, and petroleum gas, and stressed that the UAE is a central hub for Nigerians doing business in the Middle East and related markets.