Border closure: 98 companies leave Nigeria, others incur heavy loses

No fewer than 98 firms have relocated from Nigeria to other West African countries, while others have lost millions on account of the country’s decision to close its land borders with sister sub-regional nations.

This is according to Comrade Saviour Iche, the national president of the Association of Micro-Entrepreneurs of Nigeria (AMEN).

Iche who made the disclosure at a press conference in Lagos at the weekend, noted that the companies moved to other countries because of the negative impact the border closure was having on their businesses, warning that many others will follow suit if the situation persists.

The AMEN president noted that there are many Nigerian businesses that export their goods and services across Nigerian borders, adding that most of these companies are losing millions of naira daily.

He explained that operating environment in other West African countrie are better, and that as opposed to Nigeria where the emphasis of government is taxation, governments of other countries give incentives and support businesses.

According to him, while the closure has increased government revenue, its negative side far outweighs the positives.

He emphasised further that many firms have reduced their operations and workforce, compounding the unemployment problem in the country. He added that if the situation continues others firms may shut down soon.