Border reopening: Pent-up demand will work in favour of small businesses, says Buhari

President Muhammadu Buhari says the pent-up demand for legitimate cross-border and international trade will boost the fortunes of small businesses and agricultural enterprises in the country.

This was a part of the speech delivered by the president to mark the new year and felicitate with Nigerians on the witnessing the new year.

“With the recent opening of our borders, we expect that the pent-up demand will boost the fortunes of the many small businesses and agricultural enterprises that depend on Nigeria’s trade and commerce,” Buhari said.

The land borders were closed in August 2019 to curb the smuggling of hard drugs and arms and agricultural products from neighbouring West African countries.

Some of the affected borders were Seme in Lagos, Illela in Sokoto, Maigatari in Jigawa and Mfun in Cross River.

The president ordered that the borders be reopened on December 16, 2020.

Here are other points raised by the president in his New Year speech.

Food sufficiency

Buhari said his administration’s focus is on revamping the economy through diversification. This, he said, supports “the goal of national food self-sufficiency which has helped reduce the growing food-related inflationary figures and have in considerable measure positively impacted our food security status during the long months of the pandemic lockdown”.

National infrastructure

“We are also currently rebuilding our national infrastructure base and, in the process, introducing transformation through the rehabilitation, modernization, and expansion of the railway system, national roads and bridges both in rural and urban centres, alongside the airports and seaports,” the president said.

Economists and development partners have harped on the need to improve infrastructure and create a business conducive environment to improve productivity and reduce poverty.

Power sector reforms

According to Buhari, the reforms that have been put in place in the power sector will guarantee increased efficiency to “significantly expand” the generation and distribution of electricity for domestic and industrial use.

Job creation

On reducing the rate of unemployment, the president said his administration is undertaking a series of special interventions to boost job creation and support entrepreneurs.