Why IMF supports Nigeria’s border
closure —Minister
The Minister
of Finance, Mrs. Zainab Ahmed, says the International Monetary Fund supports
Nigeria’s closure of its land borders because it understands that the action is
not punitive.
Addressing
newsmen in Washington on Sunday, Ahmed explained that the measure was intended
to restore Nigeria’s relationship with its neighbours, based on commitments
made.
She said
that President Muhammadu Buhari did not want to approve the closure because he
was mindful of the adverse effect it would have on the economies of neighbours.
According to
her, there were several engagements between Nigeria and the neighbouring
countries toward securing compliance to the rules, “but things got worse”.
“Of course,
there will be economic impact on the side of our neighbours due to the border
closure, that is a consequence of it.
“In a manner
of speaking, IMF supports the border closure that we have done because they
understand that the closure was not meant to be punitive.
“It was
meant for us to restore our relationship with our neighbours back to the
commitments that we made.
“The
commitment that we have among these countries is that goods can come through
their ports to Nigeria.
“They are
supposed to come in sealed containers escorted to Nigeria for the Nigeria
Customs Service to inspect the goods and charge them.
“But that is
not what is happening. They allow containers to be opened, and also allow goods
to be smuggled beyond the formal borders through several illegal routes,’’ she
fumed.
The minister
reiterated that Nigeria would ensure that rules were obeyed now that it had
committed itself to the African Continental Free Trade Area,“ otherwise local
industries will suffer.”
She said
that a lot of discussions were ongoing between Nigeria and the affected
countries toward securing their re-commitment to the rules governing
cross-border trade.
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