Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has said activities such as terrorism and cyber fraud will stop if the country’s land borders are closed for a period of two years.
Emefiele made the assertion at the first convocation lecture of Edo University, Iyamho in the Auchi area of Edo State on Friday.
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Nigeria’s land borders were partially closed initially in September and all forms of trading activities barred since October in a bid to curb smuggling from neighbouring countries.
Speaking on the theme: “The role of monetary policy towards economic growth in Nigeria”, the CBN Governor said the continued closure of the land borders will ensure the various security challenges bedevilling the country are effectively tackled.
He also stated that the closure will help boost local production in the country, adding that the apex bank would promote policies supporting the manufacturing and consumption of home-grown products.
“I can tell you that if our borders remain closed for two years, the issue of Boko Haram, kidnapping, banditry and Yahoo-Yahoo will stop.
“CBN will promote this policy by making sure that we produce what we consume and eat what we produce.
“We no longer want what they are importing to our country because we can produce them and CBN will do everything possible to promote domestic products,” he said.
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Emefiele had earlier said that the borders would remain closed until Nigeria’s neighbouring countries reach agreements on mutual anti-smuggling policies and agree on existing ECOWAS protocol on movement.