IMF Calls For Reopening Of Nigeria’s Borders
The International Monetary Fund has called on the federal government to reopen Nigeria’s borders with its West African neighbours, saying that the impact is negative on the region’s economy.
The IMF made the call in its ‘Article IV Consultation to Nigeria’ preliminary report, which was conducted between January 29 to February 12, 2020.
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In the report the IMF said, “Nigeria’s border closure will continue to have significant economic consequences on the country’s neighbors.”
The country’s borders were closed in 2019 to stop smuggling of goods and weapons into the country.
The commission further advised the FG and its neighbours to quickly resolve the issues keeping the borders closed.
The commission also warned the country’s neighbours against allowing the porous borders as avenue to smuggle blacklisted products into the country.
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Meanwhile the impact of the border closure is telling on the country’s economy as it has driven the country’s inflation to 12.13%, according to Nigeria Bureau of Statistics Consumer Price Index report for January 2020.
Reacting, the Director of Power Project- Raven Energy, Timi Soleye, said on his twitter account-@Timisoleye, that “Insufficient thought was given to the border closure. It’s damaging Nigerian exports.”
He lamented that MRS lubricants manufactured in Nigeria, used to take two days by truck to Benin Republic, but with the development, it takes 3 weeks by ship.
He added that “ship goes to Morocco first and then comes back.”
“And that’s 3 weeks despite the fact that their warehouses and facilities are already in Apapa.”
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“We talk about trying to grow the Nigerian economy. Well, 50% of Nigeria’s official non-oil exports go through the land borders,” Soleye said.
Below are twitter reactions:
