CEM REPORT, ECONOMY | The Nigerian Immigration Service has revealed a significant increase in the number of investor visa applications, with an average of 700 requests being received each day. This represents a major jump from previous numbers and reflects the growing interest among foreign investors in Nigeria’s economy.
This was disclosed by Controller, Murtala Muhammed International Airport Command, Adeola Adesola Adesokan.
“This year, since the advent of this new administration we have seen an upsurge of visa on arrival. We record an average of like 700 requests in a day.
Adesokan attributed the surge in investor interest to President Tinubu’s active campaign to promote Nigeria as a prime investment destination.
“The President has been travelling extensively, meeting with business leaders and investors around the world.
“He has been very successful in generating interest in Nigeria’s potential,” said Adesokan.
NIS Efforts in Attracting More Investors
To further incentivize foreign investment, the NIS has upgraded its visa-on-arrival process, making it more efficient and streamlined. This includes the ability to apply online and upload all necessary documents before arrival, significantly reducing processing times.
“The visa-on-arrival process is designed to be seamless and efficient for investors and other business travellers,” said Adesokan. “We want to make it easy for them to come and do business in Nigeria.”
The application process can now be completed entirely online, and successful applicants receive their visas within 20 minutes of arrival.
“This new system makes the process seamless and saves valuable time for investors.
“They don’t have to wait in long queues anymore,” said Adesokan.
Security and Criteria for Approval of Visa on Arrival
To alley the fear that the streamlined visa-on-arrival process will increase insecurity, housing deficit amongst others, Adesokan emphasized that despite the streamlined process, strict screening measures remain in place to ensure national security.
She said all visa-on-arrival applicants undergo thorough checks, and only those meeting specific criteria are granted approval.
“Visa on arrival is not for everyone, it is reserved for investors, special professionals, and citizens from countries with reciprocal agreements with Nigeria.”
The program is specifically targeted at businessmen, investors, and expatriates with special skills needed by organizations in Nigeria. Applicants must meet specific criteria and provide documentation, including their business registration and an invitation letter from a Nigerian company.
“If you are coming as a businessman, there are procedures.
“You have to upload your business CAC (Corporate Affairs Commission) form, the company you want to meet here. That is, the company inviting you. If they do not have that, you are not expected to be granted approval.”
She added that to qualify for visa on arrival, applicants must meet certain criteria, including having a local sponsor and providing evidence of their business or employment.
Impact on Nigeria’s Economy
The surge in investor arrivals is a positive sign for the Nigerian economy. It suggests that President Tinubu’s investment drive is achieving its intended results and that Nigeria is becoming increasingly attractive to foreign investors. This is likely to lead to increased economic activity, job creation, and overall development in the country.
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There are numerous opportunities for foreign investors in Nigeria, across various sectors such as agriculture, manufacturing, technology, and infrastructure.
While the visa-on-arrival program is showing positive results, the NIS also reported a significant increase in emigration from Nigeria. Data from the Migration Information Data Analysis System (MIDAS) shows that over 3.6 million Nigerians migrated to other countries in the past two years.
The majority of emigrants cited economic hardship as their primary reason for leaving. Some also left to pursue further education opportunities abroad.
The new visa-on-arrival program is a welcome development for Nigeria. It is a sign that the government is committed to attracting foreign investment and growing the economy. However, there are still challenges that need to be addressed. The government needs to create more jobs and improve the quality of education and training to keep young people from leaving the country.
