Economy

FG Approves Reopening of Seme Border, Others

Buhari Orders Immediate Reopening of Four Land Borders

The Federal Government has approved the immediate reopening of four land borders to facilitate commerce with neighbouring countries, according to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed.

The four land borders are Seme in the South-West, Ilela in the North-west, Maitagari in the North-west and Mfun in the South-south part of the country.

Speaking with journalists after approval, Ahmed said despite reopening of borders “the ban on importation of rice, poultry and other banned products still subsists and will be implemented by border patrol team.

She explained: “I am here to just report that His Excellency, the President, approved the recommendations of the committee that I chaired with the Minister of Trade and Investment as member, Minister of Interior as member, Minister of Foreign Affairs as member, National Security Adviser as member and Comptroller General of Customs.

“This committee was mandated to review and advise on the reopening of the Nigerian borders and after recommendations, the president approved the reopening of four land borders, namely: Seme in the South-west part of the country, Ilela in the North-west part of the country, Maitagari in the North-west part of the country and Mfun in the South-south part of the country.

“So, these four land land borders will be reopened immediately while the remaining borders are directed to be reopened on or before 31st of December, 2020. Mr. President has also directed on the reopening of the borders that while others are being reopened, the ban on importation of rice, poultry and other banned products still subsists and will be implemented by border patrol team.”

President Muhammadu Buhari shut down Nigerian land borders in August 2019 to curb the influx of weapon, foreign goods and other items blamed for the slow growth of Nigerian local market. The administration immediately embarked on a broad campaign for local production and consumption, however, lack of proper planning and resource availability hindered the campaign as demand outweighed local production capacity and pushed inflation to 14.89 per cent.

Also, read FG to Reopen Land Borders ‘Now That the Message Has Sunk in With Neighbours’

Faced with rising inflation, weak productivity, low oil price and the worse economic recession in four decades, Buhari administration was forced to reopen borders to facility commerce, up revenue generation to cushion the economy and generally fast track economic recovery.

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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