Nigeria border
Top Story

Nigeria’s border closure : IMF thumbs up for FG

247

 

About 57 days after Nigeria shut its borders against neighboring countries to fight smuggling, the International Monetary Fund (IMF) may have thrown its weight behind the Federal Government, describing  it is an illegal trade.

“ It is about illegal trade which is not what you want to facilitate.

“On the border closure in Nigeria which has been impacting Benin and Niger, our understanding is that the action reflects concerns about smuggling that has been taking place,’’ Mr Abebe Selassie, the Director of the African Department at the IMF, said.

He spoke at a media briefing on the sidelines of the World Bank/IMF Annual Meetings in Washington DC, U.S. in a reaction to a question on weather the border closure negates the African Continental Free Trade Agreement (AfCFTA).

Selassie said although free trade was critical to economic growth of the continent, it “must be legal and in line with agreements’’.

While raising hope of a speedy resolution of the issues arising from the closure, he noted that it was already taking a toll on the economies of Nigeria’s neighbours.

He said: “We are very hopeful that discussions will resolve the challenges that this illegal trade is posing.

“If the border closure is to be sustained for a long time, it will definitely have an impact on Benin and Niger which, of course, rely quite extensively on the big brother next door.’’

Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, had justified the border closure, saying it will curb illegal trading activities by Nigeria’s neighbors.

“The closure will be in force until Nigeria secures the commitment of its neighbors to trade agreements and treaties signed with them,’’ she said in Washington on Wednesday.

Leave a comment

Related Articles

FG secures conviction of 125 Boko Haram terrorists, financiers

The Federal Government says it has secured the convictions of more than...

Nigeria’s economy on recovery path, says Tinubu

President Bola Tinubu has said the nation’s economy is on a gradual...

Ohanaeze President-General, 81-year-old Emmanuel Iwuanyanwu, exits

The President General of Ohanaeze Ndigbo, Chief Emmanuel Iwuanyanwu, is dead. Aged...

Breaking: Nationwide protest: Tinubu, APC governors hold closed-door meeting in Aso Rock

President Bola Tinubu is currently presiding over a closed-door meeting of the...

Breaking: Tragedy strikes in Lagos as building collapses, claiming three lives

A building collapsed in the wee hours of Thursday at Arowojobe Estate...

Nigeria, U.S. Customs partner to combat illicit drug, arms trade using AI

The Federal Government has concluded plans to curb illicit trade in drugs...

Mass trial of terrorism suspects resumes – FG

The National Counter-Terrorism Centre, Office of the National Security Adviser, has said...

Why FG injected N1trn palliatives into manufacturing sector – Finance Minister Edun

The Federal Government has disclosed that a total sum of N1 trillion...

Tinubu urges Nigerian youths to shelve August 1 national protests

President Bola Tinubu has called on Nigerians to shelve the planned ‘EndBadGovernance’...

Just in: NNPC Ltd’s GCEO, Kyari, debunks claims he owns blending plants in Malta

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited...

NPA generated N541bln revenue in first half of 2024, says outgoing MD, Bello-Koko

The Nigerian Port Authority (NPA) generated ₦541 billion revenue in the first...

Dr. Dantsoho, new NPA MD, assumes duty, commits to improved revenue generation, port efficiency

The new Managing Director/CEO of the Nigerian Ports Authority (NPA), Dr. Abubakar...

Just in: 119 passengers escape deaths as Max Air four tyres burst during takeoff at Yola airport

The Max Air Boeing 737, with registration 5N-ADB and 119 passengers and...

Ex-NNPC GMDs commend Kyari’s strides, fight against economic saboteurs

The former Group Managing Directors (GMDs) of the Nigerian National Petroleum Corporation...

Afam Osigwe, SAN, elected NBA President

Following a successful online voting process, the Nigerian Bar Association (NBA) has...

Breaking: Finally, reinstated Edo Deputy Gov. Shaibu defects to APC

At last, the reinstated Deputy Governor of Edo State, Philip Shaibu, has...

CBN targets $1trn economy by 2030

The Central Bank of Nigeria (CBN) is targeting a $1 trillion economy...

With giants campaign, First Bank is truly woven into society’s fabric

The ‘Giant in you’ campaign of the FirstBank has again confirmed the...