He spoke on Tuesday while responding to questions from a cross-section of Norwegian investors at a round-table event at the Nordic-African Business Summit holding in Oslo, Norway.
He said with the signing of the African Continental Free Trade Agreement, it was important for Nigeria to take important steps.
The VP explained that the closure was “to address issues bothering on smuggling and dumping of products imported through neighbouring countries.”
Osinbajo urged investors to take advantage of the friendly business climate in Nigeria to invest in key sectors of the economy.
In his Independence Day broadcast, President Muhammadu Buhari also gave reasons for the border closure.
The president said while Nigeria would continue to do business with other countries, illegal movement of crude oil will not be allowed.
He said: “We will also continue our fight against illegal bunkering of crude oil and the smuggling of refined petroleum products across our borders, including the diligent prosecution and conviction of offenders found guilty of these acts.
“Whilst Nigeria remains committed to free and fair continental and international trade, we will not hesitate to take all necessary steps to tackle illegal smuggling, transshipment and other predatory trade practices that destroy jobs in our country.”
Earlier, the Comptroller-General of Nigeria Customs Service (NCS), retired Col. Hameed Ali, said the closure was to strengthen the nation’s security and protect its economic interests.
