The 18-year-old Nigerian signed for the Gunners from the Diamond Football Academy in Nigeria earlier this summer.
The 18-year-old, who was part of the Nigeria side that won the FIFA Under-17 World Cup in Chile last year, signed for the Gunners from the Diamond Football Academy earlier this year.
Nwakali, who won the Player of the Tournament award at the U17 World Cup, will have an Arsenal teammate at MVV, as defender Stefan O’Connor is also on loan with the Eerste Divisie outfit.
Former Gunners striker Nwankwo Kanu has previously said that his young compatriot will succeed at the North London club
Arsenal confirmed his exit on Friday and wished the player well for the campaign.