Closure of Nigerian Borders Will Bankrupt Many Businesses – PwC Economist
Andrew S. Nevin Phd, Chief Economist at PwC Nigeria has raised concerns over Nigeria’s decision to close its borders, noting that the move will bankrupt many Nigerian businessmen and women, including honest ones.
Nevin who is one of PwC’s leading global thinkers said this in a tweet on Saturday.
This is very difficult issue for 🇳🇬 that has been building a long time … obviously goods come through Benin for 🇳🇬 market … the closure of the borders will bankrupt many businesswomen and -men, including honest ones, as well as bringing inflation … https://t.co/RlywUc04pj
— Andrew S. Nevin, PhD (@nevinomics) October 19, 2019
Nigeria has closed its land borders to all movement of goods with no timeline for reopening them.
“All goods, for now, are banned from being exported or imported through our land borders and that is to ensure that we have total control over what comes in,” Hameed Ali, comptroller-general of the Nigerian Customs Service told reporters in Abuja this week.
The closure has had a devastating effect on Benin, Nigeria’s neighbour to the west, which has been a key exporter of foodstuffs to Africa’s most populous country.
It has also pushed up prices for staples such as rice at markets around Nigeria.
Ali’s announcement this week was the first official confirmation of a total shutdown in trade across Nigeria’s land borders – including goods that had been moving legally.
“We are strategising on how best the goods can be handled when we eventually get to the point where this operation will relax for the influx of goods,” he said.
He did not give a timeline for any relaxation of the controls.
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