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(Bloomberg) — Nigeria and the United Arab Emirates concluded an economic partnership agreement that President Bola Tinubu said will deepen trade ties and unlock investment.
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The pact will strengthen cooperation in renewable energy, aviation, logistics, agriculture, digital trade and climate-smart infrastructure, Tinubu told the Abu Dhabi Sustainability Week conference on Tuesday.
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The deal marks a “historic and strategic milestone” between one of Africa’s biggest economies and the Gulf state, he said.
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Tinubu’s administration has implemented a series of reforms over the past three years aimed at attracting foreign investors. That’s yielded in a 21% increase in non-oil exports and more than $50 billion in investment commitments, according to the president.
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The West African nation is seeking to position climate action as a catalyst for economic growth, energy access and job creation, with green finance central to its strategy.
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The country has launched a Climate and Green Industrialization Investment Playbook aimed at mobilizing $25 billion to $30 billion annually, alongside a $500 million distributed renewable energy fund backed by the Nigeria Sovereign Investment Authority. Demand for climate-related assets is growing, with a 50 billion-naira ($35 million) sovereign green bond offering in 2025 attracting almost twice that amount in subscriptions, the president said.
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The government is also overhauling its power industry under the Electricity Act of 2023, which enables decentralized electricity supply to rural communities, health facilities and schools, Tinubu said.
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Nigeria is seeking deeper partnerships with the UAE in technologies including artificial intelligence to modernize energy infrastructure, improve grid efficiency and accelerate the rollout of sustainable power to underserved areas, the president said.
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As part of the deepening ties, Nigeria will co-host Investopia with the UAE in Lagos in February, bringing together global investors and policymakers to convert interest into commitments, Tinubu said.
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