The International Monetary Fund
(IMF) has backed Nigeria’s closure of its borders with some neighbouring
countries over issues bordering on illegal trade.
Abebe Selassie, 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.
“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,” he said.
“It is about illegal trade, which
is not what you want to facilitate.”
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,” he sais.
“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.”
On Wednesday, Zainab Ahmed,
minister of finance, budget and national planning, said the borders were closed
to curb illegal trading activities by Nigeria’s neighbours.
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