Savannah News NG

Mr Abebe Selassie, Director of the African Department at the IMF (right) with Ms Meera Louis, a Communications Officer at the Fund, during the media briefing. Photo: NAN The International Monetary Fund (IMF) has backed Nigeria’s closure of its borders with some neighbouring countries over issues bordering on illegal trade. Abebe Selassie, the Director of the African Department at the IMF, gave the position at a media briefing on the sidelines of the World Bank/IMF Annual Meetings in Washington. He was responding to a question on whether the closure negates the African Continental Free Trade Agreement (AfCFTA). Mr Selassie said although free trade was critical to economic growth of the continent, it must be legal and in line with agreements. “On the border closure in Nigeria which has been impacting Benin and Niger, our understanding is that the action reflects concerns about smuggling that has been taking place. “It is about illegal trade, which is not what you want to facilitat