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A MUST READ: WHY THE NAIRA WILL KEEP FALLING AGAINST THE DOLLAR

naira-Dollar

 A vast majority of us Nigerians still don’t understand how we have wrecked our country with our own curious choices. Most Nigerians now see the CBN Governor Godwin Emefiele as incompetent and should be sacked, because the naira was now exchanging at 309 or so to the USD.

It is amazing that this is the view and sentiment being expressed by many Nigerians who actually think there is some magic POLICY that can make the Naira strong in the near term.

An understanding of simple economics and the way the world works shows that with only oil accounting for over 90% of our revenues, we really don’t have much of an economy. We hardly produce anything, we import even toothpicks, so exactly what policy is going to be implemented that will turn Nigeria into a top exporting economy in the near term?

There was a time Nigeria had a truly strong economy and the naira was one to the dollar – even exchanged for higher than the USD, but that Nigeria is not this Nigeria.

Back then we had a booming economy. We were either the top, or among the top exporters, of timbre, cocoa, groundnuts, rubber, palm oil, etc, in the world. Nigerians not only holidayed at home in their villages, at Yankari Games Reserve, at Obudu Cattle Ranch, at Oguta Lake, at Ikogosi springs, at Gurara Falls, at Mambilla Platueau, etc, we attracted international tourists who brought in loads of foreign exchange.

Even Nigerian schools were foreign exchange earners because they attracted foreign students. We had different car assembly plants – Peugeot, Volkswagen, Anamco etc. Nigerian government officials only bought vehicles assembled in Nigeria for official cars. Our textile industry was alive and well. We had a thriving sports industry.

We were not Man United or Chelsea fans. We were Rangers or IICC fans. We had the Nduka Odizors, people made money from sports. We also had companies like Lennards and Bata producing school shoes in their thousands, we had the thriving Nigerian Airways and the Aviation School in the north that produced some of the best pilots in the world. In those days if you were brilliant you were respected much more than the crass money-miss-road contractors of today. Even Religion is no longer spiritually fulfilling, because it is now materially driven.

Today however, no thanks to our parents (and we must call them out the way Wole Soyinka did his generation) and many of us (and we should be remembered for failing our children if we continue like this), we have destroyed everything.

Today for instance Nigerian football (which comes easy to me obviously) doesn’t appeal to us, we have to fly across thousands of miles to watch ‘our’ clubs play. Every year we collectively burn billions of Naira being fans of clubs that give us nothing back, but some ‘entertainment value’ – simple pleasures for which we are ready to destroy the future of our children.

Even with our little money we all want to wear designer clothes and carry designer bags, Armani, Givenchy, Louis Vuitton etc. We all want to drive jeeps with American specs, our children must now school overseas and acquire the necessary accents to come back home and bamboozle their ‘bush and crass’ contemporaries that they left behind. Who holidays in Nigeria anymore, is there Disneyland here? No one buys made-in-Nigeria school bags for their children, after all no Superman or Incredible Hulk or Cinderella on them.

We are no longer top exporters of anything and the demise of oil means we are falling to zero. A country of 170m fashion-conscious people have no textile industry. We take delight in showing how our made-in-Switzerland Aso Ebi is different class to everyone else’s. When we help our musicians grow and pay them millions, they repay us by immediately shipping the monies overseas to produce their “i-don-dey-different-level”music videos. It makes no difference that distinctly Zulu dancers are dancing to a Nigerian highlife song.

Our local celebrities also wed and holiday overseas to impress us all. All the musicians who acknowledge their Ajegunle roots now speak in a cocktail of strange accents to symbolise how much they have blown their monies overseas.

Were we a more serious people, the highly popular Kingsway Stores of the past would probably have a thousand outlets pan Nigeria today supporting a massive agriculture industry among others, but today we have the likes of SPAR, Shoprite, dominating the retail industry while Kingsway is dead.

And we Nigerians make it a special point to shop from the Oyinbos who have ‘cleaner shops’, ‘better this and better that’. For our personal pleasure we don’t mind them dominating us in our own backyard and shipping proceeds overseas.

It goes on and on. Even as you are reading this, stop for a moment and look around you. What you see will probably explain why we are lucky it is not N1000 to the USD yet.

And don’t think for a moment that it cannot get there. Just continue to wear your Armani gear and Swiss-made lace, continue to spend your money on Man United, Arsenal, Chelsea and Barca and encourage your children to do same.

Don’t curtail your interest in choice wines (we were the number one champagne consumers in the world in 2015), continue to love your American specs, cheer the education ministry for letting schools sink to pitiable levels, don’t fight them to improve our schools, don’t chide them for letting schools drop Nigerian history and embrace British, America and whatever else curricula.

Carry on with your love of French wines and Chinese silk, don’t bother about Jamiu Alli when there is Roger Federer. Stock up on your Italian, American, British products which you cannot live without, including the ‘baby soft’ toilet rolls produced only in that small unique village in England – the days are long gone since you were a broke student who used wet newspapers to wipe your butt.

Don’t even consider holidaying in Nigeria, it’s too dangerous. Please keep dressing in fine silk made in some exotic places so you can be addressed accordingly.

Finally keep letting corrupt leaders who have looted your commonwealth and shipped all the monies overseas get away because to attack them does not fit your political narrative. Let us continue with the fine life, let us all continue to work for Whiteman.

But don’t forget that there is payback time. Well people, payback time is here. Emefiele is not the problem. Time for us all to look in the mirror and take responsibility."
 
 
Extrapolated from Afolabi Akanbi

 

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