The Federal Government has approved a memo from the Ministry of Interior to fast-track visa approval process for foreign investors and tourists.

Minister of Information and National Orientation Mohammed Idris disclosed this to State House correspondents after the Federal Executive Council (FEC) presided over by President Bola Tinubu in Abuja on Tuesday, May 14, 2024.

Idris said after the approval of the memo on the review of the new visa regime, Tinubu approved the setting up of the committee to accelerate visa processes and acquisition for foreigners interested in investing in Nigeria

The minister said the new visa regime was to address the lacuna and challenges faced by citizens and foreign investors coming or going out of the country

He noted that the new visa process would now be completely online, with background security checks of applicants done within 48 hours, adding that this would commence in the next four weeks.

Idris said: “Our visa processes are becoming cumbersome. The ease of doing business is also tied to our visa processes.

Tinubu, Shettima, others to pay toll, parking fees at airports

“Going forward, those investors, and tourists will find it easy to acquire a visa within the next 48 hours.

“The new visa processing time will now be ready within 48 hours and will eliminate human contacts. The issue is to ensure that the government fast-tracks the ease of doing business.”

Also speaking, Minister of Finance Wale Edun said the government would continue to prioritise the infrastructural needs of the nation for better future development of the country as well as to improve the living standard of the citizens.

In this way, he said, the federal government was working out special funding to develop the housing and infrastructural sub-sector of the economy, adding that this would involve the private sector and development partners’ financing.

Edun said the government would leverage the huge funds under the pension scheme, Sovereign Wealth Fund, Ministry of Finance Incorporated Insurance, and other financial options to resuscitate the sector and make housing more accessible and affordable to ordinary citizens at a low-interest rate.

The Star