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Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF - Business - Nairaland

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Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by Shehuyinka: 7:43pm On Nov 08, 2019
THE International Monetary Fund (IMF) has disclosed that the Republic of Benin has maintained a strong economic performance despite Nigeria’s closure of the land border connecting the two countries.

Nigeria on the 19 September 2019, had abruptly halted import and export activities on the border as one of its strategies of stopping smuggling, trafficking and other criminal activities.

Luc Eyraud, Deputy Division Chief in the IMF’s Fiscal Affairs who led the IMF team in its latest visit to Benin in a press release said the Beninese economic Real GDP is expected to grow by 6.4 per cent in 2019, mostly driven by the agriculture and transport sectors.

“Growth should accelerate in 2020 and remain sustained over the medium term, buttressed by vigorous cotton production, construction, and port activities.

“Consumer price inflation, affected by the high agriculture production, has been on a declining trend, falling by 1.4 per cent in the first nine months of 2019, relative to the same period one year earlier.

“It is expected to remain well below the 3.0 per cent regional ceiling in 2019 and 2020. The fiscal deficit for 2019 is estimated at 2.3 per cent of the recently rebased GDP.

READ MORE: https://www.icirnigeria.org/despite-nigeria-border-closure-benin-republic-maintains-strong-economy-imf/

2 Likes

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by beresponsible(m): 8:00pm On Nov 08, 2019
Good for them. Let them follow their own economic path. They couldn't expect to grow by importing cars and food items for export to a neighbor who has prohibited those items.
Ghana will soon take their own economic measures.
The great economic influence of Nigeria to its neighbors should be harnessed to impact us. Nigerians should fill these vacuums in the supply chain of goods which were once imported into Benin and Ghana and geared towards a massive Nigerian market.

71 Likes 4 Shares

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by princeogbeide1(m): 6:55am On Nov 09, 2019
Let the boarder remain closed. Benin republic has a population 11.18 million. Nigerian imports gave birth to their customs. If not for Nigeria, Benin Republic could have still been struggling in their stone age.

47 Likes 2 Shares

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by seunlayi(m): 6:56am On Nov 09, 2019
I m not against this border closure but the suddenness. Many people goods where caught the transit, goods bought with loans, supplied on credit, etc A timely notice would have help many not to fall into their present distress and nobody is even willing to come to anybody aids. Even vehicles used in transportation were caught outside our borders as they begin to rust.

Whatever, it has happened already, let us move forward in the new other of the day. Let our custom men rise to the occasion because their negligence led to this situation.

68 Likes 5 Shares

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by Valwezzy: 6:56am On Nov 09, 2019
Not bad.
Guess they improvised, unlike the noisy neighbors that threatened us and even went as far as chasing Naija traders out of their shops sad

8 Likes 2 Shares

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by Snowkel(f): 6:56am On Nov 09, 2019
why do I feel IMF is pained

122 Likes 8 Shares

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by nototribalist: 6:56am On Nov 09, 2019
They should continue to enjoy the money they've been making over the years until when the money finish we shall know.


Let's just be watching

.

34 Likes 2 Shares

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by Flexherbal(m): 6:57am On Nov 09, 2019
Ok
Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by ecolime(m): 6:57am On Nov 09, 2019
Good to know. No nation's growth should be at the expense of another. Each country should map out and grow their economy organically.

20 Likes 1 Share

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by whytediamond(m): 6:57am On Nov 09, 2019
E good na, make everyman maintain him lane. Thank God say e no affect them. Maybe IMF go talk d same thing about big brother Ghana

16 Likes 1 Share

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by atikubaba(m): 6:57am On Nov 09, 2019
Good ,so let the border remain closed.

14 Likes 2 Shares

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by Hoephase: 6:57am On Nov 09, 2019
Why was Benin Republic lamenting in the first place?

Or is IMF trying to sell us a bogus story?

6 Likes

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by udoka55555: 6:57am On Nov 09, 2019
The border closure is a welcome development... To me it should be closed for 5yrs...... Let anyone that want to do business come to Nigeria and invest.. You can't be calling a country corrupt when your entire economy depends on it.

Guys this is an opportunity to make millions..

Agriculture will flourish.... Chicken will be very expensive this December.... Don't keep your money in the bank... Go and invest in something.

31 Likes

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by MoIbrahim: 6:57am On Nov 09, 2019
Yet Benin Republic government and people are groaning in pain.

Abeg, this IMF too like akproko.

22 Likes 3 Shares

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by Guyman02: 6:57am On Nov 09, 2019
E be like this border closure follow dey pain IMF, even though I don't like Buhari but the fact that western financial services are worried means that there could be something tangible coming out of this harsh decision coupled with his visit to Russia and handing over Ajaokuta Steel to them.

Let's hope that Boko Haram does not deploy new tactics soon, when America failed to topple the Syrian government of President Assad using ISIS Al Nusra, FSA etc because of Russia sudden intervention, Trump came out openly recently to declare that US is in Syria for her oil.
Meanwhile Obama, CNN, BBC etc have been telling us for years that it is to bring Freedom and democracy to Syria.

IMF destroyed our economy by convincing IBB to do Structural Adjustment Policy (SAP) now they have been hovering around again.
Buhari should stand his ground on this one.

18 Likes 2 Shares

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by princeogbeide1(m): 6:57am On Nov 09, 2019
beresponsible:
Good for them. Let them follow their own economic path. They couldn't expect to grow by importing cars and food items for export to a neighbor who has prohibited those items.
Ghana will soon take their own economic measures.
The great economic influence of Nigeria to its neighbors should be harnessed to impact us. Nigerians should these vacuums in the supply chain of goods once imported into Benin and Ghana geared towards a massive Nigerian market.

I don't understand you

4 Likes

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by omenka(m): 6:58am On Nov 09, 2019
Let them maintain a strong economy. The better the economy of your neighbors, the more secure they are and the more secure your neighbors are, the more secure you are.

The government's ongoing action isn't targeted at their economy. That isn't our business. Our business is our border and not their economy.

For now, the border remains closed. EOD.

23 Likes 2 Shares

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by ursullalinda(f): 6:58am On Nov 09, 2019
Good for them.....if the boarder remains closed all man will adjust with time.

1 Like

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by Myhusband(m): 6:59am On Nov 09, 2019
Goods are still smuggled in from their country to Nigeria so why won't they maintain good economy. 20 new jeep passed ikorodu/itamaga axis on Wednesday night I'm sure they're smugglers that brought them in



I doubt if Nigerians can survive if another country try to invade us. The border is just too vulnerable

14 Likes

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by Mouthpis(m): 6:59am On Nov 09, 2019
Better for them.

And what of the good for nothing Ghana?

Am sure they are still pained as to our border closure so that they can't think straight anymore because of Nigeria.

Nonsense

3 Likes

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by johnmba: 6:59am On Nov 09, 2019
Forget this IMF news. I don't believe it. My people there are complaining.

#istandwithborderclosure

1 Like 1 Share

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by saraki2019(m): 7:00am On Nov 09, 2019
IMF?
Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by olayemioshiyemi: 7:00am On Nov 09, 2019
They should keep it up....and IMF pls don't promote hatred between the two countries .thanks in advance

4 Likes 1 Share

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by prigoz(m): 7:00am On Nov 09, 2019
Very encouraging massage whereas Nigeria economy is declining everyday. It will never be well for people that vote certificateless president to power, even their children will enjoy the suffering too.

2 Likes 1 Share

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by nototribalist: 7:01am On Nov 09, 2019
But how come Ghanaians are crying more than Benin republic. Is it that Ghana can't breath without Nigeria or what?

12 Likes 1 Share

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by sylve11: 7:01am On Nov 09, 2019
princeogbeide1:


I don't understand you


Jesus! I thought i was the only one o. Funny enough, the post was liked by his types or his other accounts.

@ op, anyhow Nigerians takes the border closure as torment on the Beninese or as a measure for Nigeria to better her economy; two things are certain, Benin will always look for ways to strengthen her economy, and i can't say same for Nigeria. cool

8 Likes 1 Share

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by hoasis: 7:01am On Nov 09, 2019
When Bribes are still being received

8 Likes 1 Share

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by anambraamaka: 7:02am On Nov 09, 2019
Lies

1 Like

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by olioxx(m): 7:02am On Nov 09, 2019
I knew it...
The Osogbo weed I gave that stupid IMF man(Luc Eyraud) is working.
Very soon we go hear say Afghanistan has the fastest growing economy in the world.
.

1 Like

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by KAM3KAZI: 7:02am On Nov 09, 2019
You think say them send you!!!!!
Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by naijadrivablog: 7:03am On Nov 09, 2019
I can't forget Late Fela's swipe at IMF.

IMF and voodoo economics.

2 Likes

Re: Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF by Angelfrost(m): 7:03am On Nov 09, 2019
Nigeria should borrow a leaf and get to work... There are loads of untapped resources waiting around.

You can't truly move forward as a nation economically if all you do is borrow money to continuously import.

1 Like

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