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Illegal Trade: IMF Backs Nigeria On Border Closure
The International Monetary Fund (IMF) has expressed tacit support for the closure of Nigeria’s land borders to its neighbours over issues bordering on illegal trade.
The Director of the African Department at the IMF, Mr Abebe Selassie, gave the position at a media briefing on the sidelines of the World Bank/IMF Annual Meetings in Washington, yesterday.
He spoke in response to a question seeking his views on the compatibility of the border closure with the African Continental Free Trade Agreement (AfCFTA).
He was responding to a question on whether the closure negates the African Continental Free Trade Agreement (AfCFTA).
Selassie said although free trade was critical to economic growth of the continent, it must be legal and in line with agreements.
‘On the border closure in Nigeria which has been impacting Benin and Niger, our understanding is that the action reflects concerns about smuggling that has been taking place.
“It is about illegal trade, which is not what you want to facilitate,’’ Selassie said.
He said the IMF was hoping for a speedy resolution of the issues as the action was already taking a toll on the economies of the country’s neighbours.
“We are very hopeful that discussions will resolve the challenges that this illegal trade is posing.
“If the border closure is to be sustained for a long time, it will definitely have an impact on Benin and Niger which, of course, rely quite extensively on the big brother next door,’’ he said.
On Wednesday, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, had said the borders were closed to curb illegal trading activities by Nigeria’s neighbours.
Ahmed said the closure would remain in force until the country secured the commitment of its neighbours to trade agreements and treaties signed with them.
However, the IMF director said the AfCFTA was one of the most exciting policy developments in the region in recent months.
Selassie said analyses by the Fund showed that the initiative had a “tremendous potential to facilitate higher economic growth’’.
The IMF projected a region wide economic growth of 3.2 per cent in 2019.
Selassie said the “hard task’’ before African nations was making sure the AfCFTA was fully implemented “to facilitate the trade that we need to see between countries in the region’’.
The IMF director also commented on the continent’s high debt burden, especially from China, resulting largely from borrowing to balance budget deficits.
He explained that the Fund was not particularly wary of China, which he said “has been a very important development partner for many countries in sub-Saharan Africa’’.
“There are some counties that have borrowed extensively, and this is not just from China but from all other sources of financing either through Euro bond, domestic markets or other sources of capital.
“Yes, there are countries that have borrowed beyond what they can quickly pay, but it is important that we get this story straight.
“China has been a very important partner for many countries and remains so.
“Our concern really is more about overall debt level, not just about debt but some other things.
“One is, once you have borrowed money to invest in infrastructure, health and education, it is important you are able to capture the rate of return on that investment so that the debt can be serviced.
“What you put the debt to and how effective the investment projects that you are undertaking is really the important part of the equation,’’ Selassie said.
He added that it was also important for countries to address their “tremendous development needs avoiding debts becoming unsustainable’’.
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Victory Over Insurgency Certain, Tinubu Assures
President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.
The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.
He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.
Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.
“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.
“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.
The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.
Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.
He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.
“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”
The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.
The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.
Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.
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US Embassy, Lagos Consulate Close Today For President’s Day
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
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Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.
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