Border closure nigeria stands to benefit more from inter regional trade rewane

I think there may be a small typo in your question. I'm assuming you meant to ask "Border closure: Nigeria stands to benefit more from inter-regional trade, Rewane".

To answer your question, I'll provide some insights.

The border closure by Nigeria in 2019 was a controversial move aimed at addressing issues such as smuggling, trade imbalance, and revenue losses. While the closure had some positive effects, such as a significant increase in revenue from customs duties and a reduction in smuggling, it also had negative impacts on the economy, including increased costs for businesses and consumers, and a decline in trade volumes.

However, if Nigeria were to focus on inter-regional trade, particularly with countries in the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA), it could potentially benefit more from trade. Here are some reasons why:

  1. Diversified trade partners: Nigeria's economy is heavily reliant on oil exports, which makes it vulnerable to fluctuations in global oil prices. By diversifying its trade partners, Nigeria can reduce its dependence on a single market and benefit from the growth of other economies.
  2. Increased trade volumes: Inter-regional trade can lead to increased trade volumes, which can stimulate economic growth, create jobs, and increase government revenue.
  3. Improved economic integration: ECOWAS and AfCFTA aim to promote economic integration and cooperation among member states. Nigeria can benefit from these initiatives by increasing trade with other member states, reducing trade barriers, and promoting regional value chains.
  4. Access to new markets: Inter-regional trade can provide Nigeria with access to new markets, including the European Union, the United States, and other African countries, which can increase its exports and attract foreign investment.
  5. Increased competitiveness: By competing with other African countries in the global market, Nigeria can improve its competitiveness, increase its market share, and attract foreign investment.

To achieve these benefits, Nigeria needs to implement policies that promote inter-regional trade, such as:

  1. Simplifying trade procedures: Nigeria should simplify its trade procedures, reduce bureaucracy, and increase transparency to make it easier for businesses to trade with other countries.
  2. Reducing trade barriers: Nigeria should reduce or eliminate trade barriers, such as tariffs and non-tariff barriers, to increase trade volumes and promote regional value chains.
  3. Investing in infrastructure: Nigeria should invest in infrastructure, such as ports, roads, and railways, to improve the efficiency and cost-effectiveness of trade.
  4. Promoting regional value chains: Nigeria should promote regional value chains by supporting local businesses, increasing investment in manufacturing, and promoting trade in services.

In conclusion, while the border closure had some positive effects, Nigeria stands to benefit more from inter-regional trade by diversifying its trade partners, increasing trade volumes, improving economic integration, accessing new markets, and increasing competitiveness. To achieve these benefits, Nigeria needs to implement policies that promote inter-regional trade and simplify trade procedures.