In a bid to attract investors, Nigeria touts its business potential, but the reality paints a different picture. Locked tight for the past four years, the country’s land borders remain a barricade, challenging the promised access to a vast regional market.
Investors find themselves constrained, unable to import raw materials or export goods through land borders officially. Attempting sea routes proves costly and impractical, leading to reported losses. The irony deepens as the peak of exports in 2019 coincided with the abrupt closure of borders, dealing a blow to legitimate international trade.
The Manufacturers Association of Nigeria highlights that the closure meant to curb smuggling has, in fact, originated from official border posts. Despite this, checkpoints multiply along key routes, creating a maze for traders and dampening hopes of reviving legitimate commerce.
Nigeria’s protectionist measures, especially the border closure, have yielded little. Farmers, touted to benefit, fell victim to the fallout. The national scale sees inflation soaring, especially in food prices, reaching unprecedented levels.
Amidst the economic downturn, border communities face hardship, extortion, and isolation. The once vibrant trade hubs are shadows of their former selves, cut off from essential supplies and grappling with job losses.
As the nation partially reopens some borders, the call echoes: a shift is needed towards fortifying border security, supporting communities, and fostering legitimate cross-border trade. Will Nigeria heed the call and usher in an era of economic revitalization? The answer remains uncertain.
