(4 minutes read)
· In a significant development, which can help Nigeria to up its trading relations with its neighbors, the West African country is lifting the closure of borders with Benin and Niger, which it imposed in August 2019 to curb the smuggling of rice and other commodities
· Nigeria gave a jolt to its neighbors when all on a sudden it closed the country’s borders with Benin and Niger to prevent contraband trade. The unilateral move of Nigeria, the most industrialized and populous country in Africa was criticized for violating free movement treaties signed under the Economic Community of West African States (ECOWAS)
· The decision of Nigeria is coming prior to the
implementation of AfCFTA from 1st January 2021, which envisages achievement of higher quantum of intra-regional trade by disbanding higher tariff barriers among the member countries
In a significant development, which can help Nigeria to up its trading relations with its neighbors, the West African country is lifting the closure of borders with Benin and Niger, which it imposed in August 2019 to curb the smuggling of rice and other commodities.
Nigerian Finance Minister Zainab Ahmed said that four land borders would be reopened immediately while the remaining borders are directed to be reopened on or before 31st of December. The minister said that the ban on importation of rice, poultry and other banned products would continue and will be implemented by border patrol teams.
Nigeria gave a jolt to its neighbors when all on a sudden it closed the country’s borders with Benin and Niger to prevent contraband trade. The unilateral move of Nigeria, the most industrialized and populous country in Africa was criticized for violating free movement treaties signed under the Economic Community of West African States (ECOWAS). The decision of Nigeria is coming prior to the implementation of AfCFTA from 1st January 2021, which envisages achievement of higher quantum of intra-regional trade by disbanding higher tariff barriers among the member countries.
www.trendsnafrica.com has reported about the negative impact on Benin due to border closure , which is a key exporter of foodstuffs to Africa’s most populous country via its port of Cotonou. Nigeria also had to bear the brunt due to inflationary pressure on food stuffs due to cute scarcity of food materials.
The country is heavily reliant on imports to feed a booming population of some 200 million people.
