Land Border Closure Addressing N504Bn Annual Loss In Steel Industry- Yusuf

..Says Only CBN Supporting Industry With Long-Term Loan Facilities

Yemisi Izuora

The Chairman of the Basic Metal, Iron & Steel Fabricated Products, a sectoral arm of the Manufacturers Association of Nigeria,  (MAN) Dr. Kamoru Yusuf, has disclosed that the ongoing border closer has saved Nigeria government scarce foreign exchange among other benefits.

He noted that not until recently when the land borders was closed, the persistence of smuggling of different Iron and Steel products has made the nation to lose about N504 billion with estimated value of 2million tons of Iron as well as collapse of many industries within 3 years .

Yusuf who is also the Group Managing Director/CEO of KAM Holding Limited, stated this while speaking to journalists at the 54th Bankers Dinner and Award Night held in Lagos.

Steel sector, according to him, is highly capital intensive and require huge financial commitments in order to meet up with the market demands and specifications.

He also commended the Central bank of Nigeria, (CBN) under the leadership of Mr. Godwin Emefiele, supporting manufacturers with long term loans facilities to boost their investments and for taking strong stance on the need to sustain the ongoing land border policy aimed at repositioning the nation’s economy.

He added that the federal government should adopt a no going back policy on the land border closure in order to fully achieve the benefits wholly and condemned some proponents of border re-opening adding that “the unity, growth and development of Nigeria remain sacrosanct beyond any individual gains aimed at subjecting us to slavery and perpetually underdeveloped.”

“The gains of the policy are numerous to mention but specifically, its impact on the socio-economic and security is unprecedented and Manufacturers are now able to sell out the huge goods deposits in their warehouses. The position of Mr. Emefiele is in continuation of our aged-long plight and campaign against smuggling and importation of substandard commodities into on country.

“We are in total support of the position of all the stakeholders/investors who supported that the border closure should

continue. We have demonstrated high degrees of trust and love for Nigeria as a nation and by extension to the entire citizenry who are victims of the insurgency especially in the northeast. Also, more jobs would be created, collapsed industries are in the revival process while many new industries would spring up.”

“As the giant of Africa, it is an absurd for developed nations to build warehouses in our neighboring countries and paying them heavily for goods to be dumped therein and smuggled into our country with little or no returns to our nation. They are

killing us and we are smiling, they are mortgaging the future of our generations yet unborn. If Malaysia and other emerging nations can make it, who says we cannot make it with consistency and sense of direction by our leaders?

“The CBN Governor, an astute financial expert has spoken and there is need to tour the path of national interest rather than playing the cards of some individuals who are the major beneficiaries of abnormality affecting our nation.”

He therefore thanked President Muhammdu Buhari for providing enabling environment for local businesses to thrive depsite all efforts by some countries to continue dominate our economy.

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