Why IMF Supported Nigeria’s Land Border Closure

'Dotun Akintomide
Writer

Ad

Optimism as Nigeria’s Inflation Rate falls to 21.88% in July 2025

By Abiola Olawale Nigeria’s headline inflation rate has eased to 21.88% in July 2025, marking a continued downward trend from 22.22% in June, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). The NBS reported that the decline, representing a 0.34% drop month-on-month, signals optimism for economic…

Trump-Putin:Ukraine Targets Russian Oil, Arms Ahead of Summit

Hours before the Trump-Putin meeting in Alaska, Ukraine said it had struck an oil refinery in Russia and a Caspian port that Moscow uses to ship weapons from Iran for the war in Ukraine. Ukraine said it attacked overnight the Syzran refinery, owned by oil giant Rosneft and located in Russia’s Samara region, about 500…

Crude Oil Falls as EIA Forecasts Larger Global Oil Surplus

Crude oil prices on Tuesday fell on the possibility of progress at the Trump-Putin summit in Alaska on Friday regarding the Russia-Ukraine war, which could result in reduced sanctions on Russian oil. The oil markets also remain concerned about an oil surplus after the EIA on Tuesday raised its forecast for the 2025 global oil…

Ad

The Minister of Finance, Mrs. Zainab Ahmed, says the International Monetary Fund (IMF) “supports’’ Nigeria’s closure of its land borders because it understands the action is not punitive.

Addressing newsmen in Washington on Sunday, Ahmed explained that the measure was intended to restore Nigeria’s relationship with its neighbours based on commitments made.

She said that President Muhammadu Buhari did not want to approve the closure because he was mindful of the adverse effect it would have on the economies of neighbours.

According to her, there were several engagements between Nigeria and the neighbouring countries toward securing compliance to the rules, “but things got worse”.

“Of course, there will be economic impact on the side of our neighbours due to the border closure, that is a consequence of it.

“In a manner of speaking, IMF supports the border closure that we have done because they understand that the closure was not meant to be punitive.

“It was meant for us to restore our relationship with our neighbours back to the commitments that we made.

“The commitment that we have among these countries is that goods can come through their ports to Nigeria.

“They are supposed to come in sealed containers escorted to Nigeria for the Nigeria Customs Service to inspect the goods and charge them.

“But that is not what is happening. They allow containers to be opened, and also allow goods to be smuggled beyond the formal borders through several illegal routes,’’ she fumed.

The minister reiterated that Nigeria would ensure that rules were obeyed now that it had committed itself to the African Continental Free Trade Area (AfCFTA),“ otherwise local industries will suffer”.

She said that a lot of discussions were ongoing between Nigeria and the affected countries toward securing their re-commitment to the rules governing cross-border trade.

Ad

X whatsapp