The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says that the Nigeria’s borders will stay closed till neigbouring international locations meet the situations for reopening them.
This is coming amid the cost from the International Monetary Fund (IMF) that authorities in Nigeria, Benin Republic, Niger and different neighbouring international locations urgently resolve the lingering points that precipitated the latest closing of the nation’s land borders with a view to mitigate the destructive penalties of the coverage on their varied economies.
Emefiele was fielding questions from State House Correspondents after a closed door assembly with President Muhammadu Buhari on the Presidential Villa, Abuja.
According to the CBN Governor, “We are not saying that the borders should be closed in perpetuity, but that before the borders be reopened, there must be concrete engagements with countries that are involved in using their ports and countries as landing ports for bringing in goods meant for local consumption, it is understandable. But the fact that those product are landed in their countries and then transshipped or smuggled into Nigeria is something that I am sure you all agree as Nigerians we should not allow to happen because it undermines our economic policy, it undermines our own desire to make sure that industries are alive and jobs are created in Nigeria.”
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, had on the IMF/World Bank Annual Meetings in Washington DC, stated the closure of the nation’s borders was a measure to pressure Nigeria’s neigbours to decide to honouring bilateral agreements which they’ve did not do over time.
The CBN Governor stated because the closure of the borders, rice and poultry farmers who prior to now couldn’t promote their merchandise resulting from smuggling and dumping are actually smiling to the financial institution.
Emefiele stated: “You will all recall that in November 2015 President Muhammadu Buhari, the Central Bank and a few state governors went to Kebbi State to launch the Wet Season Rice Farming. Since then, now we have seen an astronomical progress within the variety of farmers who’ve been going into rice farming and our paddy manufacturing has gone up additionally fairly exponentially.
“Between 2015 and in addition now, now we have additionally seen an astronomical rise within the variety of firms, company and people which might be establishing mills, built-in mills and even small mills within the varied areas. And the Central Bank and the Federal Ministry of Agriculture and Rural Development have been on the centre of not simply solely encouraging the manufacturing of rice in Nigeria but in addition funding these farmers by giving them loans to purchase seedlings, fertilizers or a number of the herbicides that they want for his or her rice manufacturing.
“You may even recall that now we have been embarking on a programme the place we’re saying in case you are concerned within the enterprise of smuggling or dumping of rice within the nation, we are going to shut your account within the banking trade. Although that’s changing into very successfully.
“Recently, and this is absolutely the fact, about two weeks earlier than the border closure, the chairman of the Rice Processors Association, by the way, he owns Umza Rice in Kano, referred to as me and stated that each one the rice millers and processors are having of their warehouses nothing lower than 25,000 metric tons of milled rice. That this rice have been unsold due to the smuggling and dumping via Republic of Benin and different border posts that now we have within the nation and that he would need us to do one thing about it.
“Secondly, we even have members of the Poultry Association of Nigeria who additionally complained that they’ve hundreds of crates of eggs that they may not promote along with even a number of the processed chickens additionally arising from drawback of smuggling and dumping of poultry merchandise into Nigeria.
“I used to be instructed additionally that after some conferences that have been held along with these engagements that we (CBN) additionally held with the president, the border was closed subsequently.
“Per week after the borders have been closed, the identical rice millers affiliation referred to as to inform us that each one the rice that that they had of their warehouses have all been bought. Indeed, lots of people have been depositing cash of their accounts and so they have even been telling them ‘please hold on don’t even pay cash but till we completed processing your rice.’
“The Poultry Associations have additionally come to say that they’ve bought all their eggs, they’ve bought all their processed chickens and that demand is rising.
“So, when you asked, what is the benefit of the border closure on the economy of Nigeria, I just used two products – poultry and rice. The benefit is that it has helped to create jobs for our people, it has helped to bring our integrated rice milling that we have in the country back into business again and they are making money. Our rural communities are bubbling because rice farmers are able to sell. The poultry business is also doing well, and also maize farmers who produce maize from which feeds are produced are also doing business. These are the benefits,” the CBN Governor defined.