Tag
BORDER CLOSURE
Nigerian President Muhammadu Buhari has disclosed that he will not order the reopening of the country’s land borders till the final report of the committee set up on the matter was submitted and considered.
The President of Ghana, Nana Akufo-Addo has pleaded with President Muhammadu Buhari to reopen the closed borders.
Ahead of the FY 2019 earnings season, companies within the FMCG space have decried the negative impact of the border closure on their businesses.
Nigeria’s inflation rate rose year on year to 11.98% in December 2019. According to the NBS, the rise in the food index was caused by increases in prices of Bread and cereals, Oils and fats, Meat, Potatoes, Yam and other tubers, Fish and Vegetables
Managing Director/CEO, Okomu Oil Palm Plc, Graham Hefer, said the closure of the borders has been a blessing to the palm oil industry, as he called for the exercise to continue. #OKOMUOIL,#BORDERCLOSURE
“The effect it has had on our local market share is that there have been some new companies requesting for Crude Palm Oil
Irrespective of how people view the border closure, its advantages have been enormous compared to the pains experienced since President Muhammadu Buhari gave the directive.
The continued closure of Nigerian land borders has led to the influx of poor quality local rice in recent weeks. The latest Nairametrics Food Price Survey found that prices of rice, tomatoes and other items dropped slightly across major markets in Lagos State.
Several foreign bags of rice were seized by the officials of Nigeria Customs Service in the commercial border town main market in Mubi.
The Nigerian Senate has directed its Committees on Foreign Affairs and Trade and Investment to investigate the alleged shutdown of Nigerian businesses in Ghana.
Many experts feel that border closure is a breach of the African free trade agreement but Sabo Nanono thinks otherwise.
The latest foreign trade report shows some interesting numbers, as Ghana tops Nigeria’s export destinations for the first time in the third quarter of 2019. Ghana imported N908.5 billion worth of goods from Nigeria
Whilst the CBN’s policy may have positively impacted on Nigeria’s third-quarter GDP growth rate, the Federal Government’s decision to keep the borders closed until January 2020 is expected to slow down economic recovery, particularly in the trade sector.