He stated this at the New Horizons Trade Mission in Nigeria, which was held in Lagos on Thursday.
The event, tagged “Doing Business with Nigeria”, was held in partnership with the Lagos Chamber of Commerce.
He said establishing a presence in Nigeria represented another significant milestone for Dubai International Chamber.
According to Lootah, the strategic move creates a vital platform for enhancing cross-border partnerships in one of Africa’s leading economies.
He said, “Dubai and Nigeria already share a strong economic relationship, with non-oil bilateral trade reaching a value of $ 2.1bn in 2022. This represents a remarkable annual growth rate of 39.3 per cent, underlining the deepening connections between our business communities.
“The launch of our Lagos office, which is the chamber’s seventh in Africa and 28th worldwide, opens new channels for communication and economic cooperation.
“Our team will work with local partners to strengthen Dubai’s robust commercial relationship with Nigeria, co-organise business matching and networking events, and ensure that companies and investors in both markets have access to all the support they need to navigate business opportunities and boost trade and investments.”
On his part, the Governor of Lagos State, Babajide Sanwo-Olu, noted that Nigeria and the UAE had enjoyed mutually beneficial relationships built on support and strong bilateral trade for more than 40 years.
According to Sanwo-Olu, the bilateral trade is driven by Nigerian exports to UAE, which include gold, crude oil and petroleum gas, while the country imports equipment, cars and jewellery from the UAE.
The governor said, “Distinguished guests, as a major destination of most of the imports from the UAE, Lagos State plays a strategic role in Nigeria-UAE bilateral relations.
“With its status as the economic heartbeat of Nigeria, Lagos is a land of immense investment opportunities and potentials, having a huge market driven by an active and highly mobile population exceeding 20 million; many of whom are high and middle-income earners.”
The President of the Lagos Chamber of Commerce and Industry, Michael Olawale-Cole, remarked the forum would provide for greater business engagement that would provide effective ways for businesses to interact and form new partnerships.
