Nigeria Signs Free Trade Agreement with Three Gulf States in Landmark Deal

Nigeria and three Gulf Cooperation Council member states signed a comprehensive free trade agreement that eliminates tariffs on over 3,000 product categories.

The deals with Saudi Arabia, the UAE and Bahrain are expected to increase bilateral trade volumes from the current $4 billion annually to over $15 billion within five years.

Nigeria’s key exports under the agreements include agricultural products, petrochemicals and textiles.

The Ministry of Industry, Trade and Investment estimated that the agreements could create 250,000 new export-related jobs in Nigeria over the next decade.