A former Presidential candidate in the recently concluded general elections in Nigeria and a front-line entrepreneur, Cmdt. Alistair Soyode has predicted that the Nigerian economy would grow three fold starting from summer 2019.
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 have caused the UAE government to reduce tourism and visa period for 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 investigations, Nigerians spend between N450 billion to N550 billion 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 billion on Visa,
N100 billion on flights,
N180 billion on accommodation/hotels and
N200 billion 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 freedom and cheaper products as well as the ease of processing visas.
“We can now have our citizens spending less time in the UAE. This will help boost our economic growth. The Nigerian government should capitalise on this sudden break on tourism to the UAE for our national development,” Mr Soyode added.
In terms of investments in the UAE, Nigerians ranked second only after India especially in the property market.
“This incident 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 unspent fund.”
He called on Nigerians, especially those with the means, to use their resources to help, mentor, guide and counsel the youths and those with entrepreneurial skills to achieve better success and productivity with their time and abilities to avoid such negative incidences.

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