The recent moves to lift visa ban on Nigerian travelers by the United Arab Emirates (UAE) has sparked optimism and promising business prospects for Nigeria.

This development follows negotiations between President Bola Tinubu and his UAE counterpart, Mohamed bin Zayed Al Nahyan, which is expectedly would result in a historic agreement.

As part of the agreement, both Etihad Airlines and Emirates Airlines will promptly resume flights to and from Nigeria.

This is significant as it would restore vital air connectivity between the two countries.

The lifting of the visa ban is expected to catalyze economic growth in Nigeria. It will enable Nigerians with businesses in the UAE to resume their operations, potentially leading to increased trade and investments between the two nations.

President Tinubu’s economic development diplomacy efforts have paved the way for several billion dollars’ worth of new investments in Nigeria across various sectors.

This includes defense, agriculture, and other areas, thanks to the investment arms of the UAE government.

Interestingly, both countries are actively working on a new foreign exchange (forex) liquidity program. This program will facilitate smoother financial transactions and foster economic cooperation.

Impact on Business and Tourism:

1) Business Opportunities: Nigerian businesses that were adversely affected by the ban can now resume normal operations in the UAE. This includes various sectors such as agriculture, tourism, and trade, which are poised to benefit from renewed opportunities.

2) Tourism: The restoration of flights and easier travel access will likely boost tourism between the two countries. Nigerians can once again explore the attractions of the UAE, and UAE tourists can visit Nigeria.

3) Trade and Investments: With improved diplomatic ties and business-friendly initiatives, there is potential for increased foreign direct investment (FDI) in Nigeria. This influx of capital can contribute to the country’s economic development.

The lifting of the UAE visa ban represents a significant turning point in Nigeria’s international relations and economic growth prospects. It not only restores essential travel and business links but also opens the door to substantial investments across multiple sectors.

As President Tinubu continues to encourage diplomatic ties and secure beneficial agreements, Nigeria stands to benefit immensely from this renewed collaboration with the UAE.

The company moves into the industry after a series of failures such as the bankruptcy of FTX, one of the largest cryptocurrency exchanges.

The exchange operator is among those traditional financial firms that want to play a role as intermediaries in the crypto sector which saw the collapse of some major players.

The group is now working to obtain the necessary approvals from regulatory bodies that will allow it to provide such services, Bloomberg reported on Friday, quoting Ira Auerbach, senior vice president and head of Nasdaq Digital Assets.

Nasdaq has already applied to the New York Department of Financial Services for a limited-purpose trust company charter, which would oversee the new crypto business, the executive revealed in an interview in the French capital.

The initiative was first announced in September. It represents the first inroad into the crypto economy for the company which runs the second-largest American stock exchange by market capitalization of the traded shares.

The project’s implementation will begin with the safekeeping of the leading cryptocurrencies, bitcoin (BTC) and ether (ETH), before expanding the range of services provided by the group’s digital assets division. The plan is to provide execution for financial institutions eventually.

The crypto winter caused by falling prices had an impact on banks exposed to digital assets, resulting in the failure of crypto-friendly Silvergate Bank and Silicon Valley Bank in the United States.

Nasdaq will join large financial firms such as BNY Mellon and Fidelity in the crypto market, offering custody for cryptocurrencies, intermediary services, or tokenization of traditional assets to capitalize on the benefits of related technologies.

Similar to Kenya and Nigeria, farmers in Uganda will benefit from AFEX’s revolutionary tech-enabled services for agricultural producers.

In its first year of operations, AFEX Uganda aims to reach 10,000 farmers and aggregate 15,000 metric tons of commodities, while extending its aggregation, storage, and financial inclusion services to Ugandan farmers and processors.

Continuing its pan-African expansion plans, AFEX will be implementing its scalable model that combines advanced technology and infrastructure with a unique understanding of Africa’s food systems and local markets to replicate its successes in Nigeria and Kenya to Uganda.

Working closely with local and international partners, the operation will focus on maize, sorghum, soybeans, barley, and coffee, with maize being the initial priority.

According to the International Trade Administration, Uganda is lacking the necessary infrastructure in storage, credit, and access to markets to sustain food production.

To begin tackling these issues, AFEX Uganda has established warehouses in Bulambuli and Kapchorwa districts in Eastern Uganda, and the Lira district of Northern Uganda. Under the leadership of Abdul-Hafeez Odusanya, Managing Director, AFEX Uganda, AFEX will be introducing its range of solutions including its technology platform, WorkBench, to enable farmers to participate in market opportunities and scale their operations.

Starting with a network of over 1500 farmers, AFEX Uganda will be addressing the following problems:

• Reducing post-harvest losses by providing storage facilities

• Providing access to loans for farmers to purchase quality farming inputs including agrochemicals, fertilizer, and seedlings

• Provision of advisory and extension services to tackle poor agricultural practices and post-harvest handling practices.

• Access to markets for smallholder farmers, with transparent prices

• High-quality and traceable supply of food and feed-grade commodities to processors

Abdul-Hafeez Odusanya, Managing Director, AFEX Uganda expressed excitement about the new opportunity: “I’m thrilled to be leading the next stage of growth for AFEX in East Africa and eager to see how Uganda’s success contributes to AFEX’s portfolio of innovative food system interventions.

I’m confident AFEX Uganda will contribute massively to building an inclusive and efficient market system, giving Ugandan farmers the support and infrastructure they need to improve efficiency and access bigger markets,” he revealed.

Often referred to as Africa’s ‘bread basket,’ Uganda has one of the most dynamic commodities markets in Africa with a significant potential for growth, and a positive government interest in commercializing agriculture through collaboration with private sector players.

In the first quarter of 2022, agriculture accounted for 24% of the country’s GDP. In addition, the government has ratified the African Continental Free Trade Area (AFCTA) and the East African Community Customs Union which provides access to the international market.

Since its inception, AFEX’s focus has been to establish a strong foothold across Africa, and AFEX Uganda is the latest in a series of planned expansions to 10 African countries over the next 5 years. In restructuring for the future and to provide efficiency and focus on the regions, AFEX has announced new appointments and internal promotions among its leadership.

Appointed in October 2022, Sanne Steemers is now President, of Rest of Africa, overseeing the expansion across the continent; Akinyinka David Akintunde (previously Chief Operating Officer) has become President, of AFEX Nigeria, responsible for all operations in the West African country; and CEO Ayodeji Balogun has been appointed Group CEO, heading all entities globally.

Speaking of her new responsibilities, Sanne Steemers said: ”With twenty years of experience working at the intersection of global supply chains, finance, and agricultural commodities, I’m very excited to be joining AFEX as we expand into yet another market, and look forward to driving the expansion across the rest of Africa.

In just a few years, AFEX has achieved exemplary success in Nigeria and Kenya, I’m looking forward to adapting these winning strategies, services, and approaches to service farmers, processors, and partners in Uganda and beyond.”