98 Firms Relocate, Others Lose Millions in Nigeria

As the impact of the closure of Nigerian land borders continues to bite, more than 98 firms operating in the country have relocated to other countries in West Africa in the past three weeks, while others have lost millions of naira and are near collapse.

Comrade Saviour Iche, the national president of the Association of Micro-Entrepreneurs of Nigeria (AMEN), made the disclosure while speaking at a press conference in Lagos at the weekend.

He stated the said the companies moved to other countries because of the negative impact the border closure was having on their businesses, adding that many others will follow suit if the situation persist.

He said that operating environment in other countries in west Africa are better, adding that governments of other countries offer incentives and support to entrepreneurs.

He said the closure of the borders has had some positive effect like increased revenue for the government, but argued that the negative impact was greater on the general economy.

According to him, there are many Nigerian businesses that export their goods and services across Nigerian borders, adding that most of these companies are losing millions of naira on a daily basis.

Iche disclosed that many of them have reduced their operations and their number of workers, adding that if the situation continues, many of them will close shop soon.

Source: Independent