A top Presidency source, on Sunday, disclosed that the harsh economic situation in Nigeria caused by the outbreak of Coronavirus and the negative impact of the border closure on the private sector made President Muhammadu Buhari order the re-opening of land borders.
The source which spoke with Vanguard on the condition of anonymity noted that the President directed the opening of the four borders having realised that the closure affected an ordinary Nigerian.
The source further stated that the closure of the borders by the President in August 2019 has sent a signal to neighbouring countries that it would not allow the damage to the economy of the country.
The source said, “According to the report of a Presidential Committee which recommended the reopening of the border, one of the significant issues that stood out in the summary of the committee’s findings and recommendations include the negative impact of the border closure on the private sector.”
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“The report noted, among other things, that the continued closure had negatively impacted some private sector businesses in Nigeria.”
“Other fresh facts that emerged from the report on why the Federal Government reopened the borders that were shut on August 20, 2019, was the very high inventory of unsold finished manufactured goods, especially those with market base and significant presence in West Africa, which ultimately led to unemployment and poor credit rating.”
“At the onset of its work, the committee led by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, had ordered a comprehensive but objective impact assessment which revealed that “despite the significant benefits of the partial border closure in helping to curb the activities of smugglers, irregular migrants and other forms of criminality, among other benefits, the committee’s findings revealed that the policy was potentially detrimental to Nigeria’s overall immediate and long term economic, security, diplomatic and social interests.”
ccnworldtech had earlier reported that the federal government led by President Muhammadu Buhari, last Wednesday approved the reopening of Nigeria’s land borders that had been closed for about a year.
The approval was given at the Federal Executive Council (FEC) meeting held at the council chamber of the Aso Rock presidential villa.
