Protectionism Let us look at this scenario, if the door to your bedroom is porous and you can reinforce your entrance door to protect your belongings while you fix it, is anything wrong with that? Despite the fact that economic protectionism as long been defeated by globalisation, no responsible government will fold its arms in despair and do nothing in the face of economic sabotage and terrorism. America as a developed economy did not run away from the fact that some economic protections can be employed in the face of economic and trade threat in her face-off with China.
Hardship Proposition The economic hardship that would be unleashed by this short term measure is a big deal in view of the state of penury in the country especially for those whose businesses and means of livelihood depend solely on the activities (both legitimate and illegitimate) at the land borders. We all seem to have benefited from the menace while the nation’s economy haemorrhages and suffers. For instance, how do we rationalised an importer who smuggles a bag of rice at a cost of
N6, 500, but fails to pay any form of duties and sells to a retailer at N12,000 who in turn sells at N15,000 or N16,000 to you and I? If such trend continues unchecked, the government purse will become leaner and all our prayers for an improved infrastructure and a better economy will seem not to have been answered. You know why? The answer was released but we threw it to the winds!