Nigeria border closure: Kill corruption, avoid more foreign loans - Expert tells Buhari

Nigeria border closure: Kill corruption, avoid more foreign loans - Expert tells Buhari

- An economic expert, Vincent Nwani, has appealed to President Buhari over the closure of Nigeria's borders- Nwani said the federal government should focus on how to end corruption in the borders, instead of closing them

- The economic expert, however, urged the media to hold government accountable for poor socio-economic situation in the country

An economic and investment consultant, Vincent Nwani, has urged President Muhammadu Buhari to kill alleged corruption going on in Nigeria's borders instead of closing them.'s regional reporter in Ibadan, Ridwan Kolawole, reports that Nwani said despite the security challenges in the United States of America, the government never closed its borders.

Nwani who made the appeal while speaking in Ibadan at the southwest edition of the media knowledge development event organised by First City Monument Bank (FCMB), stressed that the Nigerian economy and social well-being of its people were under both internal and external invasions.

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Speaking on the theme: Nigeria in 2019: low growth versus rising risks, Nwani argued that borrowing for developmental project was never a crime, but he was quick to add that the effect of the borrowing on the masses is the concern of the economic experts in the country.

Nwani said different countries with business acumen from across the world as well as countries who lend money to Nigeria are the ones reaping the economic benefits of Nigeria’s population and economic potentials through their ingenuity.

The economy expert who also disclosed that Nigeria's economy is under invasions, warned that it may be worse if care is not taken to address the problem now as he appealed to the federal government to tackle power generation issue, insecurity and make internet available at cheaper rates to all Nigerians.

"Nigeria economy is under all forms of invasions. And the way it is going, it will be worse. A small country like Morocco has been planning to do what they are doing now years ago. People should get money at the right time and we should reduce the interest rate. At least let there be stable light.

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"We are very vulnerable, our economy is very large because of our population. Our psychology is centered on enjoyment. The vehicle that is manufactured today, you will see that Nigerians are the first ten to buy it. Our governance level is now the worse. So, we are vulnerable. We are taking about technological invasion," he said.

Reacting on the Nigeria’s external debt profile, Nwani warned the federal government led by President Muhammadu Buhari against taking further loans so as to forestall impending woes that would further threaten the economy.

The director general, Debt Management Office (DMO), Patience Oniha, had in April while addressing a press conference in Abuja, declared that Nigeria’s total debt profile as of December 31, 2018, stands at N24.387tn. The figure rose by 12.25 per cent from N21.725tn in 2017 to N24.39tn in 2018.

But, Nwani, who gave analysis of the nation's debt burden and the lackluster economy status of the country, said that the national GDP which is at 2.5 at the moment is too weak for development of the country.

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The head, media relations of the financial institution, Louis Ibe, in his remark, thanked the media and noted that the training was in recognition of the critical role of the media in every aspect human life.

"Media is central, they can make or mar. The media is responsible for anything that is going smoothly, wrongly or badly," he said.

Meanwhile, had previously reported that the closure of the Nigeria-Seme border by the federal government on Tuesday, August 20, caused serious inconvenience to citizens of both neighbouring countries. ( -> Same great journalism, upgraded for better service!

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Source: News

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