UAE Firms Invest $375.01m in Nigeria Despite Visa Ban
Private investors from the United Arab Emirates’ investments hit $375.01m in the country since a visa ban was placed on Nigeria in October 2022.
Data from the latest Capital Importation report of the National Bureau of Statistics also showed that UAE investors sent $258.2m into the country between January and September 2023.
This was an increase of 56.51 per cent from the $164.97m sent in the first three quarters of 2022. In total, since the visa ban in October, a total of $ 375.1m had been invested in Nigeria from the UAE.
The total figure for October 2022 to March 2023 was almost up to the total of $281.78m recorded for the entire year of 2022.
A breakdown showed that $116.82m was invested in Q4 of 2022, while $108.28, $101.13 and $48.78 were invested in the first three quarters of 2023.
In 2022, the UAE banned nationals of Nigeria and a few other African countries from entering its capital city, Dubai.
“This…
