Tag
BORDER CLOSURE
Nigeria has recorded N338.6 billion shortage of rice at the Malaysian price of $421 per tonne as a result of border closure.
Nigerian manufacturers have disclosed that over N5 billion had been lost in respect of imported materials waiting to enter the country.
The CBN disclosed it disbursed a total sum of N171.66 billion on the Commodity Development Initiatives to control the effect of the border closure.
Chief Olusegun Obasanjo has shown his support for the border closure as he tagged Benin Republic the dumping ground for goods.
The Minister of Information and Culture, Alhaji Lai Mohammed reaffirmed the government’s plan to keep the border closed.
Mr Godwin Emefiele, the Governor of CBN has disclosed that the rapid increase in food prices and all other products is momentary.
The data also reveals states in the Western parts of Nigeria have been hit hardest by the border closure recording the highest rise in food inflation for the month.
Some experts have raised alarm over rising inflation as a result of the closure of Nigeria's land borders.
Buhari's decision to stop distribution of fuel to filling stations close to the borders is beginning to affect businesses in the area.
Col. Hameed Ali has ordered that petroleum products should no longer be supplied to filling stations within 20 kilometres to all Nigerian borders.
Bamidele Ayemibo, a trade finance expert, has thrown more light on why Nigerians need to support Buhari’s decision to close Nigeria’s borders.
The Federal Government has ordered that fuel stations close to the land borders should no longer get petroleum products.