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Nigeria’s Border Closure: The Pains, Gains, Challenges

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Nigeria shares international boundaries with the Republic of Benin to the west, Cameroon and Chad to the east and Niger, to the north.
Apart from these official borders, the Nigeria Immigration Service (NIS) says more than 1,400 illegal border routes exist in the country as smugglers routes, creating security challenges.
The former comptroller-general of the service, Mr David Parradang, says that although the country has only 84 approved land border control posts, there are also more than 1,400 illegal borders in the country.
But Nigerian authorities note that the porous borders have resulted in crisis in economic sector that has been affecting the development of the country.
So, in August, Nigerian authorities announced and enforced the closure of its border with the Republic of Benin.
The operation under the codename “Ex-Swift Response” was a collaborative security operation involving the Nigeria Immigration Service and Nigeria Customs Service together with Nigeria Police Force and the Armed Forces.
President Muhammadu Buhari attributes the partial closure of Nigeria’s border with Benin Republic to the massive smuggling activities, especially of rice, taking place on that corridor.
He expresses great concern over the smuggling of rice, noting that it threatens the self-sufficiency already attained due to his administration’s agricultural policies.
Similarly, the Comptroller-General of Nigeria Customs Service, retired Col. Hameed Ali, says that the closure of Nigeria’s borders was undertaken to strengthen the nation’s security and protect its economic interests.
Ali also observes that closure would stem the influx of smuggled goods, especially rice and tomatoes into the country, insisting that the closure has significantly increased revenue from import duties.
However, while the government claims to have acted in the best interests of the economy and Nigerians, some Nigerians and citizens of neighbouring countries most affected by the closure, continue to express worry about it, calling for an immediate reopening of the borders.
Some economists believe that the decision to close the nation’s land borders could be painful to the concerned neighbouring countries, considering the relationship with them.
According to them, one of the immediate gains of the closure could be a stop to the dumping of goods from European markets in Nigeria.
They are of the opinion that the action would go a long way in protecting our local manufacturers and producers.
They describe it as policy that would address and redefine relations with our neighbours in a win-win situation.
But critics insist that border closure is an economic aberration as most countries don’t usually close their borders for trade-related reasons.
According to them, the closure has the potential to disrupt the economic lifelines of many traders who depend on legitimate cross-border trade.
Irrespective of this, Emir of Kano, Sanusi Lamido Sanusi, says that the decision to close border is part of the measures to preserve foreign policy in the national interest.
“Last time, I was critical of Nigeria’s refusal to sign the African Continental Free Trade Agreement (ACFTA) and recently I have been in support of the decision to close the border.
“Nigeria is 70 per cent of the population of West Africa and if we have an industrial policy that is aimed at protecting the productive sector of Nigeria, it is a fair competition.
“We cannot allow our neighbours to open their doors to this unfair competition and through the back door undermine our industry.
“It is not about smuggling petroleum or rice; but in 2017, the Republic of Benin was the world’s second largest importer of tramadol, an opioid pain medication that is being abused, to U.S.
“So closing the borders, I hope is not a permanent solution but what I hope is that is an opportunity to sit down and agree on rules and then open up the borders.
“It is extremely important to have a Foreign Policy that is ready to take very firm decision to protect the national interest against dangerous trade activities,” Sanusi observes.
Sharing similar sentiments, Ghana’s former President, John Mahama has lauded the creation of a joint-security taskforce on the borders of Nigeria but warns that the continued delay is harming the economies of the West African region.
Mahama believes that the greatest volume of trade in West Africa takes place in the Lagos – Abidjan corridor.
“I believe that an ECOWAS meeting of the Heads of States should discuss the issues and it could lead to the resolution of the problem.
“So, closing your border is the simplest thing to do; any country can say I’m closing my border to imports from my neighbours, but it doesn’t help to build the kind of integration we are trying to build in West Africa,” he said.
He also expresses the fear that by the time the borders are re-opened, some businesses that rely on each other’s export may have collapsed.
Economists note that one of the immediate consequences of Nigeria’s action is the backlash it will have on Nigerian traders in Ghana.
They allege that more than 400 shops owned by Nigerians have been closed for flimsy excuses that were, hitherto, overlooked.
Nigeria Union in Diaspora also alleges that Nigerian traders in Accra are being harassed and victimised.
In spite of this, authorities in Nigeria, having observed the encouraging changes in the economy, recently foreclosed re-opening of the nation’s borders.
For instance, the Federal Government says 95 per cent of arms and ammunition inflow to Boko Haram insurgent group, kidnappers, killer herdsmen and bandits has gone down considerably.
Minister of Information and Culture, Lai Mohammed, says border closure against importation of foreign goods and illegal immigrants will remain, observing that 296 illegal immigrants have been arrested.
According to him, the decision to close the borders is taken to secure the country which has been confronted by numerous trans-borders economic and security challenges.
“These challenges range from banditry, kidnapping, smuggling, illegal migrants and proliferation of light weapons, among others.
“The preference for foreign goods, especially food items such as rice, has continuously impoverished our farmers and adversely affected domestic government policies supporting the agricultural sector to enhance food security.
“It is, however, disturbing that some neighbouring countries circumvent the ECOWAS protocol on transit.
“ECOWAS protocol on transit demands that when a transit container berths at a seaport, the receiving country is mandated to escort same without tampering with the seal to the border of the destination country.
“Experience has shown that our neighbours do not comply with this protocol. Rather, they break the seals of containers at their ports and trans-load goods destined for Nigeria,” he said.
The minister, who expresses satisfaction with success so far recorded by the joint task force, observed that the singular decision has reduced importation of foreign goods, increased revenue generation and enhanced security.
“On the economy, the partial closure of the borders has curbed the smuggling of foreign rice into the country, in addition to other prohibited items.
“Our series of interactions and engagements with Rice Miller Association of Nigeria since the commencement of this exercise has shown that the border closure has enhanced more production and milling of Nigerian rice.
“Patronage of local rice has increased and farmers are expanding their farms as well as engaging more hands.
“Border closure has also impacted positively on revenue generation which in turn will be used to build more infrastructures and develop critical sectors of the nation’s economy.
“The border closure has also curbed diversion of petroleum products from Nigeria to neighbouring countries,” he said.
Mohammed says further that 95 per cent of illicit drugs and weapons that are being used for acts of terrorism and kidnapping in Nigeria is through porous borders.
“Our conclusion is that the arms and ammunition these terrorists and criminal elements are using no longer gain access into the country.
“The drugs which affect the health and wellbeing of Nigerians have equally been reduced,” the minister said.
He assures the public that government, through diplomatic channels, would continue to engage the nation’s neighbours to agree to comply with the ECOWAS Protocol on Transit.
According to the minister, goods that are on the prohibition list to Nigeria, such as rice, used clothing, poultry products and vegetable oil, should not be exported to the country.
He also notes that the closure has provided a unique platform for the various participating agencies to jointly operate together, thereby strengthening inter-agency collaboration and reducing animosity.
He insists that the purpose of border closure is to promote a secure, peaceful and prosperous Nigeria.
Mohammed, therefore, calls on all Nigerians to be patriotic by patronising local rice to help the country to attain self-sufficiency in local rice production and boost the economy.
Enehikhuere writes for News Agency of Nigeria

 

By: Julius Enehikhuere

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Wealth Creation: GCPBS  Convenes Strategic Investment Workshop In PH

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In a significant move aimed at strengthening financial literacy and promoting sustainable economic growth, the Alumni Association of the Garden City Premier Business School (GCPBS) has hosted its inaugural Annual Executive Workshop in Port Harcourt, drawing key stakeholders from across Nigeria’s financial and public sectors.
The workshop, themed “Wealth Creation through Investment in Money and Capital Markets,” held at the Corporate Residence, William Jumbo, Port Harcourt recently,  brought together financial experts, policymakers, and professionals to deliberate on practical investment strategies in a rapidly evolving economic environment.
The event attracted a distinguished audience, including alumni of the institution, officials of the Securities and Exchange Commission, financial market leaders, top government functionaries, and seasoned professionals committed to advancing wealth creation initiatives in the country.
In her opening address, Chairman of the GCPBS Alumni Association, Her Excellency Dr. Mrs. Mina Tele Ikuru, charged the participants to take full advantage of the knowledge-sharing platform, stressing the importance of continuous learning and informed financial decision-making.
Also speaking, the Rivers State Head of Service, Dr. Mrs. Inyingi Brown, underscored the need for smart investment practices, noting that true wealth lies not merely in hard work but in the ability to make money work efficiently through strategic investments.
Deliberations at the workshop exposed participants to practical insights into navigating the financial markets, with experts emphasising the need for liquidity-conscious investments and encouraging the exploration of commercial papers issued by reputable corporations.
Speakers further highlighted the benefits of leveraging money market instruments such as bank deposits, while also stressing the importance of understanding market timing—knowing when to buy, hold, or exit investments—as a critical factor in achieving optimal returns.
The concept of compounding was extensively discussed as a powerful tool for long-term wealth accumulation, alongside the introduction of SWOOT—Stocks Worth Over One Trillion—with leading financial institutions identified as dominant players in Nigeria’s stock market.
Participants were also cautioned against common investment pitfalls, including the dangers of holding excessive idle cash, exposure to inflationary pressures, and the growing threat of fraudulent Ponzi schemes often disguised with unrealistic promises of high returns.
They also stressed the importance of diversification as a risk management strategy, with experts warning that failure to spread investments across asset classes could expose individuals to avoidable financial losses.
A panel session anchored by Prof. John Ohaka featured robust contributions from Barr. Bernard Ibe and Figbene Briggs, who examined critical approaches to monitoring investments and ensuring long-term financial stability.
A Financial expert, Uche Uwaleke (FCMA) provided further guidance, advocating the adoption of the DHL investment model—Diversify, Hedge, and Long-term planning—while emphasising the need for constant monitoring of market capitalisation and price indices.
The event also featured goodwill messages and the presentation of awards to deserving individuals and organisations, including Oida Energy Limited, Xenergi Limited, Aslan Resources Ltd, and Dr. Mrs. Mina Tele Ikuru, in recognition of their contributions to economic development and professional excellence, while special honours were conferred on Prof. Silver Opuala-Charles and Dr. Mrs. Inyingi Brown.
In a closing remark, Prof. Adline Ben-Chioma who summarised the key takeaways from the workshop, reiterated the importance of informed investment decisions, as ESV Okputu delivered the vote of thanks, appreciating organisers, speakers, sponsors, and participants for their roles in the success of the inaugural initiative.
By: King Onunwor
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Ripple Survey Reveals Appetite for Digital Assets

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Cornerstone of Financial Services

A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.

According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now.

“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.

The survey was conducted in early 2026 and the findings released in March.

Stablecoin Boon or Bane?

Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.

With a market cap of $1.56 billion, it is considered a major regulated player in the market.

No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.

Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.

Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.

In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.

The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.

The Asian city-state is one of the platform’s biggest growth markets.

The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.

The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.

Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.

Ripple converts dollars into XRP and then back into pounds.

If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.

That is a bridge Ripple will have to cross if it gets to that point.

Tokenisation Partners

Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.

Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.

The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.

Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.

Infrastructure Rules

In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.

“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”

No surprise that this is precisely where Ripple is placing much of its focus.

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Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

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The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.
The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.
Ogan stated  that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.
He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.
According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.
Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.
He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.
 NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.
He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.
Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.
He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.
Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.
He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.
According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.
To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.
King Onunwor
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