Experts laud lifting of visa ban as Tinubu clinches deal with UAE

• To ring NASDAQ closing bell September 20

President Bola Tinubu and President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, in Abu Dhabi, yesterday, finalised a historic agreement, which has resulted in immediate cessation of a visa ban placed on Nigerian travelers.

By this agreement, both Etihad Airlines and Emirates Airlines are to immediately resume flight schedules into and out of Nigeria, without further delay.

Reacting, Research Professor of International Relations and Strategic Studies at the Nigerian Institute of International Affairs (NIIA), Lagos State, Femi Otubanjo, described lifting of the ban as a welcome development.

“Every opportunity for economic relationship is always welcome because there are benefits in trading,” he said, adding, however, that it’s a different topic whether Nigeria can control its population there.
“Whatever positive step a government makes has a ripple effect on other sectors. So, I am hopeful this would give a positive image to Nigeria, which would lead to a positive response from other countries,” he added.

Professor of Political Science, Lagos State University, Kayode Soremekun, said it’s a great idea and urged Nigeria to reap substantive gains from the initiative.
Also, Senior Lecturer, Department of History and Strategic Studies, Faculty of Arts, University of Lagos, Friday Aworawo, said the initiative would foster greater peaceful relations.

A statement by Special Adviser on Media and Publicity, Ajuri Ngelale, noted: “Immediate restoration of flight activity between the two airlines and between the two countries does not involve any immediate payment by the Nigerian government.”

The statement explained that following Tinubu’s diplomacy drive and proposals presented to his counterpart, an agreed framework was established, which will involve several billions of U.S. dollars in new investments to the Nigerian economy across sectors, such as defence and agriculture.

The spokesman also disclosed that Tinubu successfully negotiated a joint foreign exchange liquidity programme between the two governments, which will be announced in detail in coming weeks.

Meanwhile, the United States Chamber of Commerce has invited President Tinubu to ring the closing bell of the NASDAQ on Wednesday, September 20.

NASDAQ is an acronym for National Association of Securities Dealers Automated Quotations. It is a stock exchange market-based in New York, United States.

NASDAQ is the most active stock trading venue in the U.S. by volume and is ranked second behind the New York Stock Exchange (NYSE) on market capitalisation.
The ringing of the closing bell signifies the end of a trading session on a particular day.

In a statement, the U.S. Chamber of Commerce said the bell-ringing ceremony with Tinubu will take place on the sidelines of the 78th session of the United Nations General Assembly (UNGA).

The organisation said the ceremony “symbolises significance of the economic ties between the United States and Nigeria”.

The ceremony will take place at NASDAQ headquarters in New York.