Otedola says lifting of UAE visa ban to affect stock market, foreign investments in Nigeria

The Chairman of Geregu Power, Femi Otedola, said the resumption of diplomatic relationship between Nigeria and the United Arab Emirates (UAE) has more impact than just the lifting of the visa ban.

Ripples Nigeria had reports that the presidential spokesperson, Ajuri Ngelale, announced the resumption of flights between both countries on Monday after President Bola Tinubu visited the UAE.

The visa ban was one of the issues that took Tinubu to the UAE two years after the Arab country banned flights from Nigeria, resulting in the West African country doing the same, as they disagreed over flight frequency and airport landing.

It was learnt that the visa ban affected the operation of Air Peace to the UAE and also prevented Emirates Airlines from flying into the African country.

In a statement addressing the new development on Tuesday, Otedola said the decision to lift the visa ban will attract foreign direct investments and foreign portfolio investments.

The billionaire, who has major shares in First Bank of Nigeria (FBN) Holdings, said improving the relationship between both countries will draw investments into the stock market and the Nigerian business environment.

According to Otedola, the Arab nations are the most liquid in the global market of late, so having a good relationship with them is good for business and the Nigerian economy.

“One of the understated benefits of this announcement is its potential ability to transform the stock exchange.

“Middle Eastern investors remain one of the most liquid across the globe and it has been a shame that outside of a few investments in Dangote Cement and Ecobank Transnational Incorporated, Nigeria has not been able to attract capital from those regions.

“Indeed, Asiwaju has demonstrated leadership and the difference in style is like night and day. Tinubu is leading from the front and his economic diplomacy which we pray he sustains, is going to drastically change the image of the country, unlock foreign investments into the country and improve Nigeria’s perception internationally.

“We must all join hands to support this administration and we must all start seeing things beyond our differences. Nigeria badly needs foreign exchange and this move by the President will help improve forex inflows into the country. It is worthy of commendation.”

Otedola further said the current pains experienced from the policies of President Tinubu is temporary, as the storm being witnessed now will soon fade away.

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