LONDON, England — This week, the UAE and Nigeria signed a deal which could prove a template for a new era of Gulf-Africa cooperation. The pact will see the return of Emirates and Etihad Airlines to Nigeria after a dispute which left millions of dollars of their revenues stranded in the country, the London-based AFRICAN BUSINESS MAGAZINE reported on Friday, September 17, 2023, in its Weekly Business Newsletter
For Nigeria, it shows the immense opportunities on offer when it listens to investor concerns. For the UAE, it shows that it is keen on doing business with the rising continent just across the Arabian peninsula – the deal promises that its government investment arms will plough “several billion dollars” into Nigerian agriculture, defence and other sectors.
The UAE clearly sees 2023 as a year of outreach with the developing world – last month, it joined the BRICS emerging market group, and later this year will host the global climate conference Cop28.
The latter may sound like a contradiction given that the UAE has built its economy on oil – but if the Emirati state is serious about both decarbonisation and new outlets for the billions already made on its oilfields, it could find the perfect partner in Africa.
– David Thomas, Editor, African Business
