Nigerian Economy Rigged In Favour of Well-Connected Persons - Founder of Stanbic IBTC Blasts FG for Opening Borders Only for Dangote - 9jaflaver



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Nigerian Economy Rigged In Favour of Well-Connected Persons – Founder of Stanbic IBTC Blasts FG for Opening Borders Only for Dangote



The decision of the federal government to open borders only for Dangote Industries Limited has been condemned by a prominent Nigerian entreprenuer and businessman, Mr. Atedo Peterside.

Peterside accused the federal government of rigging the Nigerian economy in favour of a handful of well-connected persons.

Peterside, who is the founder of Stanbic IBTC Bank Plc complained after reports went viral that only Dangote Industries Limited is allowed to move goods across the border amid the closure of the country’s land borders.

Nigeria’s land borders have been closed to its West African neighbours for more than a year as part of efforts to check the smuggling of contraband into the country.

Peterside said on Tuesday that legitimate exporters and importers should be allowed to move their goods across the borders.

“Allowing legitimate exporters and importers to move their goods across the border should be a no-brainer.

“Why refuse everybody else and allow only one company (Dangote)?

“This is why some of us argue that the Nigerian economy is rigged in favour of a handful of well-connected persons,” he said on his Twitter handle.

The value of the nation’s non-oil exports declined by 11.1 per cent to $320m in August on the back of the border closure, according to the Central Bank of Nigeria.



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