The Federal Government admitted on Wednesday that its temporary policy to close land borders was responsible for the current rising inflation in the country.
But it still defended the closure, insisting that it would remain in place until the country’s neighbours learnt to respect trade protocols.
The FG said it had to close borders because Nigeria could not continue to subsidise economies of her neighbours.
Nigeria had in August closed its land borders on the grounds that smuggling of goods from its neighbouring countries was hurting its economy.
On November 4, the Federal Government listed five conditions for reopening the country’s land borders.
As one of the conditions, the government said Nigeria would not accept imported goods that were repackaged by neigbouring countries and brought to Nigeria.
But since the border shut down , headline inflation rose to 11.61 per cent as of October from the 11.24 per cent recorded in September.
Related video below