The decision to reopen the Seme border could have a positive impact on Nigeria’s automotive industry.
This is according to Professor Abayomi Awujola, head of economics at Bingham University.
He believes that the move could increase demand for vehicles, generate revenue for the government, and create jobs for vehicle importers, distributors, dealerships, mechanics, and other related services.
However, he also warned that the policy could impact the country’s trade balance and foreign exchange reserves.
Professor Awujola urged the government to monitor and evaluate the effects of the decision every six months to mitigate any potential drawbacks.
Overall, the reopening of the border could stimulate economic activity in the automotive sector, benefiting various stakeholders and contributing to income generation and potentially improving livelihoods for individuals involved in the industry.