In August 2019, almost immediately after signing the African Continental Free Trade Area Agreement (AfCTA), Nigeria unexpectedly closed its borders against its neighbours. Nigeria’s President Muhammadu Buhari said the action was to catalyse an auspicious rebirth of the economy, ensure food self-sufficiency, strengthen the porous borders and prevent the smuggling of rice and other products into the most populous black nation.

Since then, food prices unprecedentedly soared, reaching an all-time high of 18.3% while inflation in the country of more than 200 million people rose to a three-year high of 14.9%, according to data from the National Bureau of Statistics (NBS). The government promised that the closure would be brief and would be reopened before the end of the first quarter of 2020. It turned out to be an empty promise.

During those times, the decision from the federal government was met with flak and furore from Nigerians home and abroad as well as relevant stakeholders in the ECOWAS community and neighbouring countries benefitting from trade relationship with Nigeria.
“Food inflation is a good example of the outcome of the border closure, considering that 2020 saw 22 states in the country experience flooding, especially the food-producing areas,” Samuel Segun, an analyst at SMB Intelligence said.

READ MORE: https://naturenews.africa/rice-price-changes-as-nigeria-opens-her-borders/

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