Positive Effect Of Border Closure​

positive effect of border closure​

Answer:

Increased Internally Generated Revenue: This is a huge fact because Nigeria has imposed customs duties which can be readily imposed more easily at sea ports than at land border. This is a major breakthrough as duties paid by importers are drafted to the IGR. This move is huge because over the years, prior to the border closure there has been no full regulation on duties paid for import. Now, with this strategic yet painful framwork deployed by the President there will be accountability from the Nigeria Customs Department in contributing fully their own quota to the Single Treasury, which will best max the IGR for the GDP. To be honest, this move comes with a heavy steep price. This is obvious because many importers will have no other option to send in their goods and they’ll be forced to comply with the directive. It will affect the importers too who do not have enough funding for the duty payment effectively. But to be frank, the increased internal generated revenue will boost due to this.

Explanation:

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