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Wednesday, January 19, 2022

Nigeria’s Border Closure Has Help Create Jobs, Says CBN Governor

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Nigeria’s central bank governor, Godwin Emefiele on Monday said the closure of the country’s land borders with her neighbours has helped create “jobs.”
“So when you asked, what is the benefit, the benefit of the border closure on the economy of Nigeria, I just used two products – poultry and rice,” Emefiele said in Abuja after meeting President Muhammadu Buhari on Monday.
“The benefit is that it has helped to create jobs for our people, it has helped to bring the integrated rice milling that we have in the country back into business again and they are making money.”
In August, Nigeria had ordered partial closure of land borders to curtail smuggling of rice and other products into the country, citing non-compliance of neighbouring countries with ECOWAS protocols on the transit of goods.
The move intends to create an opportunity for local producers of commodities such as rice, vegetable oil, palm oil and other agricultural produce to increase production and meet local demand.
However, criticism has trailed the border closure as many Nigerians lamented the high price of food commodities like rice, poultry, and vegetable oils.
The country’s inflation rate also became the first casualty of policy-induced pressure with a 0.22 percent rise to 11.24 percent in September, against 11.02 in August.
The average prices month-on-month basis, rose by 1.04 percent in September, in both food (13.5 percent) and non-food (8.9 percent) items, particularly the prices of bread and cereals, oils and fats, meat, potatoes, yam, and other tubers, fish and vegetables.
But the CBN governor maintained that the border closure has improved the country’s economy abundantly. He said rural communities are bubbling because there are activities, as rice farmers are able to sell their produce.
“The poultry business is also doing well, and also maize farmers who produce maize from which feeds are produced are also doing business,” Emefiele said.

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