It is either I do not understand economic activities, exchange rate or a vast majority of us Nigerians still don’t get how we have wrecked our country with our own surprising choices.
Its common to hear Nigerians say we are so rich we could share a million Naira to all Nigerians and still be reach. It only goes to show how we perceive economics.
Another vibrant group just like to get people fired. President Buhari is incompetent or the blame could just be ascribed to the Central Bank Governor. That view pretty much echoes the sentiments expressed by many people I know and it amazes me that there are Nigerians who actually think there is some quick remedy to making the Naira strong in the near term. In reality, its same with wishing the pope was Santa Claus.
The fact is that apart from oil that accounts for over 90% of our revenues, we really don’t have much of an economy. We produce nothing of importance into the world market.
Agriculture is currently a dead end. I do not even see the existence of the textile industry, ICT, banking as the Swiss have or Education as a viable tool to make money from. We have a unilateral economy and as Oil has failed,we have a failing economy.
SOLUTION
We know we do have a problem and there is no backing away from it. India got to this point some time back, and decided to take huge steps. I place a call for mass awareness and mobilization to back the naira. Close all borders on anything we can afford not to export.
Toothpicks, food, drinks, whatever we don't produce. Only the ones we can not do without should be let in. Agitate for indigenous industries to spring up, with grants and policies to help them flourish.
We need to grow back our industries, our viable sectors and compete in the global market. The dream should be meeting export with import. Whatever we can sell to increase our revenues and earn money.
I believe if we explore agriculture, the textile and clothing industry, ICT or simply export labor as with China, we will break the gridlock and get back into winning ways. With this large population and great prospects, we are largely very unstoppable.
When i saw the Kaduna textile factory, i knew we had gone wrong somewhere. That structure is too great and immense to let waste. i call on the Nigerian policy makers to think outside the box and in it. For if we do not take huge steps to change things. A dollar will exchange for a thousand naira.
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