Speakers at the annual LEADERSHIP Conference and Awards held yesterday in Abuja, have highlighted several benefits of border closure for the Nigeria’s economy.

In August 2019, Nigeria partially closed its land borders, and since November, has banned the supply of petroleum products to communities within 20 KM of the land borders. The supply cut was to stop the smuggling of petroleum products to Nigeria’s neighbours where illicit dealers could make higher margins after selling subsidised products meant for the local market.

The federal government said the border policy has led to a reduction in the fuel consumption statistics, implying that the volume of products sold illegally across the borders fed into Nigeria’s consumption data.

In his remarks at the event yesterday, the chief executive officer of the Nigeria Sovereign Investment Authority (NSIA), Mr Uche Orji, said that Nigeria’s border closure demonstrates the implementation gap that continues to exist between the texts of regional or international trade agreements, and the actual measures that some African governments adopt.

Orji, who was the guest speaker at this year’s LEADERSHIP Conference and Awards explained that recent developments following the border closure suggest that many African countries were worrisomely unprepared to implement their African Continental Free Trade Agreements (AfCFTA) commitments when it goes into effect.

He said to prevent the AfCFTA from entering the history books as yet another set of failed aspirations, it was imperative African leaders signal they are committed to implementing it, matching their words with concrete deeds to effectively affect intra-regional trade and development outcomes as  without willingness by countries to take seriously commitments made under the AfCFTA and match their words with concrete deeds, the AfCFTA risks not being the game changer it could be.

Speaking on the theme of  the conference : “The Economics of Border Closure ,” Orji, who said AFCFTA must be balanced, submitted that Nigeria would also need to build necessary ports infrastructure required to handle prospective growth in international trade as this would enhance the productive capacity of the nation and improve the prosperity of its citizens with lower costs.

He also noted that border closure across the globe now was nothing unusual especially following the recent coronavirus pandemic that has sent panic across countries, explaining that ports were even more critical in a developing country like Nigeria, as they not only facilitate economic growth and promote social development and prosperity.

He described the recent action of the federal government against the country’s recalcitrant neighbours like Benin Republic as a boost for the country’s domestic producers.

According to him, until the closure, investment in Nigerian agriculture was being hamstrung by trafficking especially in rice, which is estimated to reach two million tonnes a year, adding that since the closure, locally-milled rice has started selling, and the entire rice value chain has been positively impacted.

Also speaking at the event, former Vice President Namadi Sambo commended President Muhammadu Buhari over the border closure, describing it as one of the most impactful policies of the administration.

He said the border closure policy was aimed at curbing the challenges of smuggling of firearms and drugs, human trafficking, trans-border insurgency among others.

The former VP said the infraction of the border opening had threatened the peace, stability and economy of Nigeria as a nation.

He said barely seven months since the closure of our border, today’s event remains one of the most significant organised by the media to appraise the economics behind the policy. He said if the country had continued to import some goods, it would have spent millions of dollars, stressing that companies were becoming competitive, especially fertilizer companies.

Also, Cross River state governor, Professor Ben Ayade urged the federal government and Nigerian’s to consider isolation in trade and ensure that Nigerians only consume what they can produce.

He disclosed this at the awards event yesterday, where he was awarded as governor of the year. He said: “while coronavirus has taken 8,000 lives globally, hunger takes about 8 million daily. Hunger is a product of a lack of food. Lack of food is a product of poor agricultural practice and so food security is at the peace centre of governance.

“Any government structure that does not reflect and intensify on the value of mankind and put dignity to humanity, would have failed.

“Time has come for Nigerians to know that this country cannot continue to survive with continued importation. We just closed our borders due to coronavirus and let’s assume that we continue for two months, this country will run out of food, drugs and so, it is time isolationism becomes our new philosophy and Nigeria should only consume that that we produce and so, we are focusing on agriculture and industrial revolution has equally started. We will move into heavy industries, ICT and 3d printings.”