Politics
IMF Supports Nigeria's Border Closure
The International Monetary Fund IMF has said that Nigeria’s decision to close her boarders to prevent illegal trade was a right move.
The Director of the African Department at the IMF, Abebe Selassie, revealed this while addressing newsmen 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.
He said “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.
“It is about illegal trade, which is not what you want to facilitate.”
It could be recalled that the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Wednesday noted that the border closure was to address illegal trades.
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