What outcome will Nigeria border-closure meeting yield?

Nigeria's decision to close its land borders has sparked a heated debate over the impact on the economy, local production, and regional relationships. The joint border patrol team set up by Nigeria, Benin, and Niger republics to tackle smuggling will hold their first meeting on the 25th and 26th of this month. CEO of Multimix Group, Obiora Madu, joined CNBC Africa to discuss the developments around Nigeria's closed borders and the expectations from the upcoming meeting. Madu highlighted the consequences of the border closure, stating that while there have been some gains for Nigeria, such as boosting local production, there have also been significant downsides. The cost of fuel prices has risen, pushing inflation to its highest point since May 2018. Additionally, Nigeria's exports have been affected within the Eco as region, as neighboring countries are also reluctant to open their borders in response to Nigeria's closure. Madu suggested that a strong custom service and the deployment of technology could be alternative measures to address smuggling issues, rather than resorting to border closures. He emphasized the need for a thorough evaluation of the pros and cons of the closure and exploring other options to achieve the desired results without the current negative impacts. The discussion then turned to the possibility of a win-win situation emerging from the upcoming meeting. Madu highlighted the importance of Nigeria not solely relying on its size and population as an advantage, but rather seeking a balanced solution that benefits all parties involved. He emphasized the need for support and capacity-building in neighboring countries to meet Nigeria's requirements for reopening the borders in a friendly environment. Addressing the complexity of the situation, Madu acknowledged that there are mixed perspectives on whether the gains from the border closure have outweighed the losses. While some sectors, such as local producers and farmers, have seen positive results in terms of increased prices and demand, there are broader economic and diplomatic implications to consider. The closure has raised concerns about Nigeria's commitments to regional agreements like the Eco as treaty and the implications for future agreements, such as the African Continental Free Trade Agreement. Madu emphasized the importance of finding a middle ground that considers both economic interests and international obligations. He highlighted the potential for technology to enhance monitoring and enforcement measures, reducing the negative impacts of border closures while achieving the desired outcomes. As the meeting approaches, stakeholders are eagerly awaiting the outcome and hoping for a constructive dialogue that can lead to a mutually beneficial solution. The discussions at the meeting will be crucial in determining the future course of action regarding Nigeria's borders and its relationships with neighboring countries and regional trade agreements.