Business
UAE resumes visa processing for Nigerian travellers after two-year ban
UAE resumes visa processing for Nigerian travellers after two-year ban
The United Arab Emirates says it will resume visa services for Nigerians, two years after suspending such operations for travellers going to the UAE.
According to the UAE authorities, the resumption was effective from March 4, 2024.
This is said to be the outcome of fruitful discussions between Nigerian President Bola Ahmed Tinubu and his UAE counterpart, Sheikh Mohamed bin Zayad Al Nahyan.
This was disclosed via a statement posted on X by a presidential aide, Bayo Onanuga, on Tuesday.
Before the ban, Dubai was the tourist destination of Nigerians with many Nigerians having a lot of property and businesses in the UAE.
Part of the statement read, “The government of Nigeria and the government of the United Arab Emirates are delighted to announce a pivotal development in our diplomatic relations: the resumption of visa services for Nigerian citizens wishing to visit the UAE, commencing on 4th March 2024.”
“This agreement is the culmination of extensive dialogues between the two nations, highlighting a shared vision for enhanced cooperation and mutual growth.
“To facilitate a smooth visa application journey for Nigerians, the UAE has introduced an innovative document verification process.”
UAE Ambassador to Nigeria, Saleem Saeed Al-Shamsi, also noted that on the new system, “Nigerian applicants for UAE visas are required to first obtain a Document Verification Number by visiting the dedicated online platform.
“This initiative aims to expedite the application process, ensuring efficiency and integrity. Applicants are advised to follow the new guidelines closely, applying through designated travel agents and completing the process at the UAE Embassy in Abuja or Lagos.
“This visa service resumption is more than a procedural update; it’s a testament to the evolving relationship between Nigeria and the UAE. By easing travel restrictions, both countries anticipate a surge in tourism, business exchanges, and cultural sharing, laying the groundwork for a robust partnership.
“The emphasis on a streamlined, transparent application process reflects a mutual desire for accessibility and trust, setting a positive precedent for future diplomatic endeavours.
“As the doors open for Nigerian visitors to the UAE, the broader implications for international relations, economic collaborations, and cultural exchanges are profound.
“This initiative not only facilitates personal and professional travel but also symbolizes a step towards deeper understanding and cooperation between two dynamic societies. As both nations embark on this renewed journey, the potential for shared prosperity and mutual respect is boundless, heralding a new era in Nigeria-UAE relations.”
Business
Nigeria’s foreign reserves in marginal increase, now $40.88bn
Nigeria’s foreign reserves in marginal increase, now $40.88bn
Nigeria’s foreign reserves rose to $40.88 billion as of November 21, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said.
Cardoso disclosed this on Tuesday at a press conference after the Monetary Policy Committee’s 298th meeting in Abuja.
He said the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.
The amount represents an increase of $82 million or 2.05 per cent in 21 days.
“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he said.
However, from the apex bank’s website, the increase in Nigeria’s foreign reserves showed $40.27 billion on November 22.
Cardoso also said, “The process of getting us where we are in terms of reserves has been a long one”.
“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.
“However, and it’s very important to make a distinction here and to reiterate the fact that reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.
“So they are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary
“And when we talk about shocks that are not anticipated, I think we can see how the global economies are.”
Cardoso also said the bank would continue to intensify efforts to stabilise the currency and prices.
The CBN governor said, “The currency has been stable compared to what it was in June”.
But he said for the value of the country’s currency to be stable, there must be increased exports and diversification of the economy.
Cardoso said diaspora remittance had increased due to policies put in place.
He commended those in the diaspora for helping the country accomplish over $600 million in remittances.
Business
Naira rises to N1,755/$ in parallel market
Naira rises to N1,755/$ in parallel market
The Naira yesterday appreciated to N1,755 per dollar in the parallel market from N1,770 per dollar on Monday.
Similarly, the Naira appreciated to N1,659.44 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.44 per dollar from N1,675.62 per dollar on Monday, indicating N16.18 appreciation for the naira. The volume of dollars traded (turnover) increased by 219.5 percent to $425.98 million from $108.79 million traded on Monday.
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Consequently, the margin between the parallel market and NAFEM rate narrowed to N95.56 per dollar from N117.38 per dollar on Monday.
Naira rises to N1,755/$ in parallel market
Business
PH refinery to blend 1.4-million litre petrol daily – NNPC
PH refinery to blend 1.4-million litre petrol daily – NNPC
Rehabilitated old Port Harcourt refinery is currently operating at 70 per cent of its installed capacity, the Nigerian National Petroleum Company Limited has said.
The Port Harcourt Refining Company (PHRC) operates two refineries: the old refinery with a capacity of 60,000 barrels per stream day (bpsd) and a new refinery with an installed capacity of 150,000 bpsd.
The NNPCL in a statement on Tuesday, said it planned to increase the operation to 90 per cent of the refinery’s capacity.
“The Board and Management of the Nigerian National Petroleum Company Limited (NNPC Ltd) express heartfelt appreciation to Nigerians for their support and excitement over the safe and successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery,” the statement reads.
“This achievement marks a significant step forward after years of operational challenges and underperformance.
“We are, however, aware of unfounded claims by certain individuals suggesting that the refinery is not producing products. For clarity, the Old Port Harcourt Refinery is currently operating at 70% of its installed capacity, with plans to ramp up to 90%.”
According to NNPC, the refinery has commenced production of daily outputs of straight-run petrol (naphtha), which is blended into 1.4 million litres of petrol.
The national oil company said the refinery has also started producing 900,000 litres of kerosene per day and 1.5 million litres per day of diesel.
The NNPC said 2.1 million litres daily volume of low-pour fuel oil (LPFO) would also be produced at the refinery, adding that additional volumes of liquefied petroleum gas (LPG) will be refined at the plant.
“It is worth noting that the refinery incorporates crack C5, a blending component from our sister company, Indorama Petrochemicals (formerly Eleme Petrochemicals), to produce gasoline that meets required specifications,” NNPC said.
“Blending is a standard practice in refineries globally, as no single unit can produce gasoline that fully complies with any country’s standards without such processes.”
Additionally, the NNPC said it has made substantial progress on the new Port Harcourt refinery, “which will begin operations soon without prior announcements”.
“We urge Nigerians to focus on the remarkable achievements being realized under the able and progressive leadership of President Bola Tinubu and to support efforts aimed at delivering more dividends to the nation,” the energy firm said.
According to the statement, malicious attacks on “clear progress” only undermine the “significant strides made by NNPC Ltd and the country”.
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