• Stalemate enters 46 days over border closure
• Shortage of raw materials might worsen, consumers to pay more amid inflation
Still reeling from the effects of Nigeria’s border closure on its economy, the government of the Republic of Benin has imposed new import duty of CFA9 million (N6.5 million) per transit truck on Nigeria-bound cargoes transiting through the country, which are exempted from all forms of duty under the Economic Community of West African States (ECOWAS) protocols on transit goods.
With the situation yet to be resolved 46 days after, Nigerian manufacturers have suffered losses as their cargoes have remained within the Benin Republic borders, while those with deep pockets have had to pay more to transit the goods via the sea link.
In what appeared to be payback over Nigeria’s closure of some borders in 2019 that lasted more than a year, the Republic of Benin, two weeks ago, stopped 3,700 Nigerian-bound cargo-laden trucks from…
Source: Guardian Newspaper