…Urges speedy resolution of issues

The International Monetary Fund has backed Nigeria’s closure of its borders with some neighbouring countries over issues bordering on illegal trade.

Mr Abebe Selassie, the Director of the African Department at the IMF, gave the position at a media briefing on the sidelines of the World Bank/IMF Annual Meetings in Washington D.C.



He was responding to a question on whether the closure negates the African Continental Free Trade Agreement, AfCFTA.

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

READ ALSO: Governors behind illegal mining of gold, zinc, others –Minister, Senate panel

“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.

“It is about illegal trade, which is not what you want to facilitate,’’ Selassie said.

He said the IMF was hoping for a speedy resolution of the issues as the action was already taking a toll on the economies of the country’s neighbours.

“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,’’ he said.



On Wednesday, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said the borders were closed to curb illegal trading activities by Nigeria’s neighbours.

(NAN)

https://punchng.com/imf-backs-nigeria-on-border-closure/?fbclid=IwAR1O90tl_FdoOQkh84P-9RSzNTtCLs0ORfWWmMjtuh6tXzDyEax1Ss-5SlI

Just that buhari stil remain the best, if it was the past leaders like thief obj and gej, by now they would have sabotage the economy

Well, I hope the outcome of this border closure will benefit Nigerians eventually. I just hope.

Ok

Oh no, that means this is somehow benefiting them. I was supporting this border closure until now. This can't be a good policy if IMF is supporting it.

I also back Buhari on this issue of border closure, but in other aspects he needs to listen to these men of God�...

Say no to smuggling.

alhassanyusuf29:
Chai!! Nyamuri flat.heads won't like this! Their RadioBiafra statistics goes contrary to this

How can IMF say this after ibo gave Donald trumps 60% votes

Regardless, the world has.moved.on economically from the days of closed borders.

Let's be honest, is the government doing anything to improve domestic productivity.? Or doing things like removing oil subsidy that would make smuggling fuel difficult for example?

It is actually the right move by the government..

Meanwhile, did you know you can get your company registered for as little as 59 thousand naira? Well, check our profile for contact details to enjoy this offer.

PMB teaching his haters how illiterate they are in all ramifications.

Buhari is working, this is the reason why we Igbo's love him.

God bless and protect President Buhari.

Nigeria cannot afford to do big brother again, at least not at this time.

who cares

closing the border is good for dangote and other producers of made in Nigerian Goods, the Chinese have been using neighboring countries to undermine our manufacturing base.

Owk
Noted

Next!!!

Hope it brings a positive effect.

the border should remain closed, its good for Nigeria economy at the long run, cocharis and many states are opening rice mills and that alone will create employments and preserve our foreign exchange

[s]

PoliticalWitch:


Regardless, the world has.moved.on economically from the days of closed borders.

[/s]

The world did not definitely move to smuggling which is illegal and unacceptable. It breeds criminality and insecurity you always complain about.

Hate merchants , hope you’re seeing it? Like him
Or hate him , PMB is on a good path.
Sooner than later, we will get there.
God bless Nigeria.

Good







Contact us if you want to study in Ctprus

sometimes I don't know whether IMF are for good or bad...
confusing org

PoliticalWitch:


Regardless, the world has.moved.on economically from the days of closed borders.

Let's be honest, is the government doing anything to improve domestic productivity.? Or doing things like removing oil subsidy that would make smuggling fuel difficult for example?

This comment shows you know little or next to nothing.

Stalwert:
PMB teaching his haters how illiterate they are in all ramifications.

Border closure can only be a stopgap measure.

The global economy does not favour closed borders. Eventually we would have to open these borders.Or the loses will start mounting

And apart from rice production, what is Nigeria doing to be strong enough to face competition.

author=lilwetdick post=83280918]who cares

author=PoliticalWitch post=83280890]

Regardless, the world has.moved.on economically from the days of closed borders.

Let's be honest, is the government doing anything to improve domestic productivity.? Or doing things like removing oil subsidy that would make smuggling fuel difficult for example?

Na dem. Wailers incorporated.

The border closure is a good decision but then, the end result and what we stand to gain eventually is what we're still waiting anxiously to see. Sometimes the fact that a policy is good doesn't translate to creating desired results unless proper strategic steps and decisions are made to back it up!
Meanwhile...
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only good thing Buhari has done


MTN user's check your message inbox

I thought some Nairaland economist said smuggling is the best thing to ever happen to Nigeria since independence

buhariguy:
Just that buhari stil remain the best, if it was the past leaders like thief obj and gej, by now they would have sabotage the economy

How has buhari done better than obj& GEJ with regards to d economy?

frowland:


This comment shows you know little to nothing.

So, why is the government saying that fuel subsidy should stay?

This encourages smuggling and stealing of subsidy money.

If we removed fuel subsidy, once we open the borders no one would be smuggling fuel again. And we would save enough cash to improve things like agric production

alhassanyusuf29:
Chai!! Nyamuri flat.heads won't like this! Their RadioBiafra statistics goes contrary to this

How can IMF say this after ibo gave Donald trumps 60% votes

How foolish and naive you sound.

Am Igbo and I never like buhari administration not because of party or anything but on the issue of border closure, I personally endorse it cos the reason behind it seems genuine and will benefit the well being of (people)

Igbos are not foolish as u think... I pray one day you will realize that before its too late for you

f

Who ask them for comment,abi os that how Nigerian s meddle with American economy.
Mr. iMF should shogbaeooo,they should deal their brexit palaver and Violence before poking their swordfish mouth enter our matter
Teacher no teach me Nonsense.