FG eases visa application process for foreign investors

Following  complaints from business executives over the difficulties they encounter with embassy officials, the Federal Government yesterday launched an online system to enable investors apply for visa online and collect it on arrival 48 hours later.

Under the new system, travellers must register with the Nigeria Immigration Service (NIS) and provide details including travel document information, after which a letter of approval may be issued and the visa collected on arrival.

According to the  Comptroller General of the Nigerian Immigration Service (NIS), Mohammed Babandede,  the move  was in line with the government's 'policy on creation of a conducive environment to attract foreign high net worth investors and professionals into the economy.

Overseas investors have mainly stayed away from Africa's largest economy after being put off by a gap of around 30 per cent between the official rate of the naira currency, controlled by the central bank, and rates on the parallel market.

Nigeria,  a member of Organisation of Petroleum Exporting Countries  (OPEC)  member, is in recession for the first time in 25 years largely due to low oil prices.