Home Business Nigeria’s border closure hurting Benin, Niger economies - IMF

Nigeria’s border closure hurting Benin, Niger economies – IMF

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The International Monetary Fund (IMF) has said the sustained closure of the Nigerian land borders is hurting economies of Benin Republic and Niger Republic.

Mr. Abebe Aemro Selassie, Director, African Department (IMF) stated this at a press briefing during the launch of Economic outlook for sub-Saharan Africa at the ongoing World Bank/IMF annual meetings in Washington DC.

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“On the border closure in Nigeria which has been impacting Benin and Niger, our understanding is that the border has been closed, reflecting concerns about smuggling that’s been taking place, illegal trade, not the legal trade that you want to facilitate,” he said.

IMF is also optimistic that the borders will soon open. “So we’re very hopeful that discussions will resolve the challenges that this illegal trade is fostering,” he said.

The IMF also said sub-Saharan Africa will experience modest growth.

“Growth in Sub-Saharan Africa is expected to pick up, though at a slower rate than previously envisioned. For this year we are projecting growth at around the 3.2 percent mark, rising to 3.6 percent in 2020′,’ he said.

On fighting poverty in Nigeria, the IMF director said “you have in part of the country very elevated levels of poverty; very elevated levels of, you know, infant mortality, maternal mortality — really important indicators of wellbeing — really are very high in some parts of the country; and in other parts of the country are, you know, comparatively very low. So, there’s this big variation in poverty outcomes, economic outcomes, as you know in your country”.

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SOURCE: Read the Original Article on Daily Trust

Pauline A . E
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