The Lagos Chamber of Commerce and Industry has said the Federal Government’s indefinite closure of the country’s borders with its neighbouring African neighbours will ultimately hurt the economy and cross-border economic activities.
The President, LCCI, Mr Babatunde Ruwase, said this last Friday during the organisation’s 2019 presidential policy dialogue in Lagos.
Ruwase who called for policy mix noted that this was not the best of times for the nation’s economy, stating that the short -term outlook of the key economic indicators was not looking bright.
While he shared the government’s efforts at tackling insecurity and smuggling, he, however, said indefinite closure of the borders would not serve as solution.
He called for reforms in the economy, adding that Nigeria’s economy had strong fundamentals, as the resources were enormous, the domestic market large and the people resourceful and enterprising.
According to him, “The closure of the land borders has enormous implications for cross border economic activities around the country.
“The indications are now that the closure is indefinite. While we share the concern of government on issues of security and smuggling, we believe that the indefinite closure of land borders is not the solution to the problem.”
Ruwase who recognised that the government had introduced some economic reforms to take the economy out of the woods, said a lot still needed to be done.
He said, “We need the right mix of policies to achieve the desired outcomes. I am aware that some policy choices have been made by the present administration to promote economic diversification, stabilise the foreign exchange market and promote small businesses.