Prominent Nigerian billionaire Femi Otedola, who serves as the chairman of Geregu Power Plc and as a director of FBN Holdings Plc, has praised Nigerian President Bola Tinubu for his pivotal role in resolving the diplomatic dispute between Nigeria and the United Arab Emirates. The dispute resulted in a visa ban on Nigerians, and Etihad and Emirates airlines suspended operations to and from Nigeria.
The successful resolution of this long-standing issue came to fruition after Tinubu visited the UAE’s leadership and subsequent negotiations, leading to lifting of the visa ban on Nigerians and the prompt resumption of air travel services.
In a statement released yesterday, Otedola commended Tinubu for his adept diplomacy in bringing this matter to a close. Otedola emphasized that a leader with a keen understanding of the importance of international business relations would recognize the significant opportunities that arise from restoring and strengthening the ties between nations.
Furthermore, Otedola applauded Tinubu’s bold economic policies, which have been instrumental in reshaping Nigeria’s economic landscape since his inauguration just a few months ago. He asserted that these policies, though challenging in the short term, will ultimately lead to prosperity and a brighter future for the country.
Otedola pledged to increase his investments in Nigeria, citing Tinubu’s effective leadership as a driving force behind his renewed confidence in the nation’s economic management.
“Asiwaju Tinubu’s leadership is transforming Nigeria, and I urge my fellow countrymen and women to exercise patience. With Asiwaju’s policies, Nigeria will make a full recovery in the near future. We are witnessing the storm before the calm, and I am confident that we will soon experience the much-anticipated tranquility and progress,” Otedola said.
Otedola highlighted one of the lesser-known benefits of this resolution — the potential to invigorate the stock exchange. He pointed out that Middle Eastern investors, known for their significant liquidity, have largely remained untapped by Nigeria. This breakthrough will provide new avenues for capital infusion into the country.
Moreover, Otedola emphasized the positive impact on ordinary Nigerians, who can now explore business and leisure opportunities in the UAE without hindrance. He stressed the importance of recognizing President Tinubu’s exceptional leadership qualities and courage in navigating this challenging diplomatic terrain.
“Indeed, Asiwaju has displayed exemplary leadership, and the transformation is evident. Tinubu’s economic diplomacy, if sustained, will reshape Nigeria’s international image, attract foreign investments, and enhance Nigeria’s global standing. It is our collective duty to support this administration, transcending our differences. Nigeria urgently needs foreign exchange, and this presidential initiative deserves commendation,” Otedola said.
The historic agreement between Tinubu and his UAE counterpart, President Mohamed bin Zayed Al Nahyan, was sealed in Abu Dhabi on Monday, resulting in the immediate lifting of the visa ban on Nigerian travelers. Additionally, both Etihad Airlines and Emirates Airlines will promptly resume their flight schedules to and from Nigeria, marking a significant milestone in bilateral relations.
Ajuri Ngelale, the spokesperson for Nigeria’s president, released a statement detailing the outcomes of the negotiations. The agreement, as reached between Tinubu and the UAE leader, entails the immediate restoration of flight operations by both airlines between the two countries. Notably, it does not entail any immediate financial obligations on the part of the Nigerian government.
The spokesperson also revealed that, in recognition of Tinubu’s economic development initiatives and proposals, an agreed framework has been established for substantial investments worth billions of United States dollars across various sectors, including defense, agriculture, and more, by the investment arms of the UAE government.
Furthermore, Tinubu successfully negotiated a joint foreign exchange (forex) liquidity program between the two governments, with further details to be announced in the coming weeks.
It is worth noting that in October 2023, the UAE had imposed a ban on nationals from approximately 20 African countries, including Nigeria, from entering its capital city, Dubai.
Additionally, Emirates Airlines had suspended its flight operations to Nigeria in December due to difficulties in repatriating blocked funds, initially estimated at $85 million.
Prior to this, strained relations had led Emirates Airlines to reduce its flight frequencies to Nigeria, citing slot limitations.
