L
LequteMan
Guest
Mr Ibrahim Auwalu, Nigeria’s Ambassador to the United Arab Emirates (UAE), on Sunday has observed that trade between both countries is not formal, in spite of the cordial relations between them.
``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.
He said that the mission was currently negotiating investment promotion and protection agreement in that regard.
Auwalu also expressed the hope that the agreement, when signed, would correct the trade imbalance and encourage foreign direct investments in Nigeria.
He added that several UAE companies have communicated their readiness to invest in renewable energy, agriculture, mining and real-estate business in Nigeria.
He expressed also dissatisfaction that the trade between both countries favoured UAE more than Nigeria.
``But once we sign the agreement, it will open up Nigerian economy for more investments from companies in the UAE,’’ he said.
#Nigeria #UAE
``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.
He said that the mission was currently negotiating investment promotion and protection agreement in that regard.
Auwalu also expressed the hope that the agreement, when signed, would correct the trade imbalance and encourage foreign direct investments in Nigeria.
He added that several UAE companies have communicated their readiness to invest in renewable energy, agriculture, mining and real-estate business in Nigeria.
He expressed also dissatisfaction that the trade between both countries favoured UAE more than Nigeria.
``But once we sign the agreement, it will open up Nigerian economy for more investments from companies in the UAE,’’ he said.
#Nigeria #UAE
