Connect with us

Business

Why IMF backed Nigeria’s border closure —Finance Minister

Published

on

Nigerian govt to limit number of children per mother

The Minister of Finance, Zainab Ahmed, said on Sunday that the International Monetary Fund (IMF) backed the Federal Government’s decision to close Nigeria’s borders because it discovered that the step was not punitive.

The federal goverment had insisted the borders would remain closed until Nigeria and its neighbours agree on existing ECOWAS protocol on movement.

Ahmed, who addressed journalists at the World Bank/IMF Annual Meetings in Washington, United States, said the measure was designed to restore Nigeria’s relationship with her neighbours based on agreement by all parties.

According to her, President Muhammadu Buhari was reluctant to approve the closure because he was mindful of the adverse effect the move would have on “our neighbours’ economies.”

She said there were several discussions between Nigeria and her neighbours toward securing compliance to the rules, “but things got worse.”

READ ALSO: EBONYI: Gov Umahi under attack for approving establishment of herders’ settlement

The minister insisted that the Nigerian government would ensure “our neighbours and trading partners” on the continent play by the rules now that the country has become fully committed to the African Continental Free Trade Area (AfCFTA).

She said: “Of course, there will be an economic impact on the side of our neighbours due to the border closure, that is a consequence of it.

“In a manner of speaking, the 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.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now