Economy: President Tinubu seals fresh Forex liquidity deal with UAE

*The Federal Government discloses President Bola Ahmed Tinubu, during his recent historic meeting with Mohamed bin Zayed Al Nahyan of United Arab Emirates, successfully negotiated a new joint, Foreign Exchange liquidity programme between the two economies with details to be announced soon

Isola Moses | ConsumerConnect

The Federal Government has stated the United Arab Emirates (UAE), in recognition of President Bola Ahmed Tinubu’s economic development diplomacy drive and proposals, as presented to Mohamed bin Zayed Al Nahyan, his UAE counterpart, Monday, September 11, 2023, an agreed framework has been established.

Ajuri Ngelale, Special Adviser (SA) to the President on Media and Publicity, stated the fresh framework between the two countries would involve several billions of United States (US) Dollars worth of new investments into the Nigerian economy across multiple sectors of the Nigerian economy.

Ngelale disclosed these included defence agriculture, and others, by the investment arms of the Government of the United Arab Emirates.

The statement said: “Additionally, President Tinubu is pleased to have successfully negotiated a joint, new foreign exchange liquidity programme between the two Governments, which will be announced in detail in the coming weeks.”

ConsumerConnect reports the UAE has lifted the visa ban placed on Nigerian travellers almost a year after.

The development is sequel to a historic agreement between President Tinubu and Zayed Al Nahyan of UAE Monday.

In the historic agreement between the two countries, Etihad Airlines and Emirates Airlines are expected to immediately resume flight operations into and out of Nigeria.

Ngelale also stated as negotiated between the two heads of state, the restoration of flight activities would not involve any immediate payment by the Nigerian Government.

The Presidency said earlier at the meeting, Tinubu commended the UAE President for his unalloyed friendship and determined effort to work with him to fully normalise and reset to excellence the standard of relations between the two countries.

Recall the UAE October 2022, had banned nationals of some 20 African countries, including Nigeria from entering Dubai, the capital city.