Nigeria’s Economy To Gains About $1 Billion From The Crisis With UAE

This was contained in a short and brief analysis by Mentoring Cmdt. Alistair Soyode, a former Nigeria’s Presidential candidate in the recently concluded elections and a front-line entrepreneur.

He described the news being carried on the five Nigerians who had committed armed robberies in the United Arab Emirates as a blessing. The robberies has caused the UAE government reducing tourism and visa period of Nigerians entering into the country from 3 months to 1 month.

He described the action as a blessing to Nigeria, Nigerians and the government. 

According to our investigations, Nigerians spend between N450 billion to N550 billions in the UAE annually.

Few years ago more than 300,000 Nigerians visited the countries spending more than N500 billion.

A rough guide indicated where the money was spent as:
N15 billions on Visa,  
N100 billions on flights, 
N180 billions on accommodation/hotels and 
N200 billions on what to buy, clothing etc as in shopping.

Nigerians rush to UAE because of its proximity, relaxed and well organized activities among others compared to the western nations for holidays, investment, religious freedoms and cheaper products on top of the easier processing of visas.

“We can now have our citizens spending lesser time in the UAE. This will help booster our economy grow. The Nigerian government should capitalise on this sudden break on tourism to the UAE for our national development,” Mr Soyode added.

In term of investments, Nigerians ranked second after India especially in the property market.

“This incidence will also help the Nigerian govt to seal and deal more precisely on insecurity and what need to be done without delay to criminals. What we are going to see is the opportunity to gain from the shorter stays which will be to our advantage allowing the country to capture the up-spent fund.”

He called on Nigerians especially with the means to use their resources, help, mentor, guide and counsel our youths and those with entrepreneurial skills to achieve higher success and productivity with their times and avail-abilities to avoid further such negative incidences.

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