Border closure has caused inflation but What we are doing is important for our economy – Presidency

0
67 views

The Nigerian government on Wednesday said that the border closure was contributing to the rising inflation.

Minister of Finance, Zainab Ahmed, spoke to State House correspondents after the Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.

The latest report by the National Bureau of Statistics (NBS), showed inflation figures at a 17-month high, rise to 11.61% in October.

See Also: Border Closure: Customs generates N115 billion in September

In her reaction: Ahmed said, “I need to remind us that the border closure is temporary. We have really advanced in our discussions between ourselves and our neighbours.

“We expect that the outcome of those discussions and agreements is that each party will respect the protocols that we all committed to and then the borders will be open again.

“What we are doing is important for our economy. We signed up to the African Continental Free Trade Area (ACFTA) agreement, we have to make sure that we put in place checks to make sure that our economy will not be overrun as a result of the coming into effect of the ACFTA.

“That is why we have this border closure to return to the discipline of respecting the protocols that we all committed to.”

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.