EMIRATES Airlines is set to reinstate its flight schedules to Nigeria and revoke the visa ban imposed on Nigerian travellers, according to an announcement made by the Nigerian presidency on Monday. The decision follows a productive meeting between President Bola Ahmed Tinubu and President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, held in Abu Dhabi.
President Tinubu, who had attended the G20 summit in India, made a stopover in Abu Dhabi, where the two leaders discussed the visa ban issue and forged agreements on new investments in Nigeria, the largest economy in Africa.
Last month, President Tinubu expressed his eagerness for swift resolutions to the disputes with Emirates Airlines and the visa-related challenges involving the Arab nation.
The UAE had halted the issuance of visas to Nigerians last year after Dubai’s Emirates suspended its flights due to difficulties in repatriating funds from Nigeria. Additionally, Etihad Airlines had ceased its flights to Nigeria.
President Tinubu’s spokesperson, Ajuri Ngelale, clarified in a statement, ‘As negotiated between the two Heads of State, this immediate restoration of flight activity, through these two airlines and between the two countries, does not involve any immediate payment by the Nigerian government.’
Nigeria, renowned as Africa’s leading oil producer, has grappled with dollar shortages, which have posed challenges for foreign airlines that priced their tickets in Nigerian naira, hindering their ability to transfer funds out of the country.
In recent times, President Tinubu has embarked on substantial reforms, which have garnered favor from investors. These reforms include the discontinuation of a popular yet expensive petrol subsidy and the removal of currency restrictions to allow the devaluation of the naira. However, liquidity has yet to fully return to the official market, with the naira maintaining a premium on the black market.
Ngelale disclosed that President Tinubu had negotiated a new foreign exchange liquidity program between the two governments, with further details to be revealed in the forthcoming weeks.
Furthermore, both leaders have laid the groundwork for substantial investments, amounting to billions of dollars, into Nigeria’s economy across various sectors. These investments will be facilitated by the UAE’s investment arms and encompass areas such as defense, agriculture, and more, as confirmed by Ngelale.