This decision was made following a meeting between President Bola Tinubu and UAE President Mohamed bin Zayed Al Nahyan in Abu Dhabi.
Presidential spokesperson Ajuri Ngelale made this announcement in a statement released on Monday.
In addition to this historic agreement, Etihad Airlines and Emirates Airlines will promptly resume their flight schedules to and from Nigeria without further delays.
As negotiated between the two Heads of State, the immediate resumption of flight activity through these two airlines between the two countries does not require any immediate payment by the Nigerian government.
In October 2022, the UAE imposed a visa ban on Nigerians shortly after Emirates Airlines suspended flights to Nigeria. The decision was reportedly made in response to Nigeria’s inability to repatriate billions of dollars in trapped funds.
Nigeria has withheld revenue worth more than $700 million earned by international carriers operating in the country, the global airline industry group IATA has said.
Early this year, the former president, Muhammadu Buhari had appealed to his UAE counterpart, Sheikh Mohamed bin Zayad Al Nahyan, to remove the visa ban on Nigerians. But the United Arab Emirates disregarded the appeal.
Last month, Tinubu expressed his willingness to personally address the visa matter during a meeting with the UAE’s Ambassador, Salem Saeed Al-Shamsi, in Nigeria’s capital, Abuja.
In recognition of President Tinubu’s economic development diplomacy drive and proposals, an agreed framework has been established, which will involve several billions of U.S. dollars worth of new investments into the Nigerian economy across multiple sectors, including defence, agriculture and others, by the investment arms of the Government of the United Arab Emirates.
The two countries also agreed on a framework which will involve several billions of dollars worth of new investments from the UAE to Nigeria.
The investments would be in various sectors, including defence and agriculture, the spokesman said without giving further details.