Actually, it was bad governance that kept the Naira artificially high before this era. Nigerian was spending $1.5 billion each month to artificially prop up the value of the Naira under Buhari’s disastrous regime. Please fact-check me. And this was borrowed money. That is why Nigeria’s foreign debt more than tripled under Buhari.
And what were Nigerians using the subsidised dollars to buy? Again, please fact-check me. $200 million on imported hair. £25 million on Scotch Whiskey. $75 million on French champagne. And these are annually. Then $20 million a day on MTN and Airtel. We are so crazy about foreign products.
President Tinubu did the right thing by floating the Naira. Watch Arise TV and see their presenters who criticise the Naira. The suit, shirt, tie, dresses and hair that they wear are all imported. People that cannot practice what will make the Naira rise are condemning the Central Bank of Nigeria. And these are the people leading you by the nose to condemn Nigeria’s economy?
Peter Obi, who works hand in hand with Arise Peoples Party is the single biggest individual importer of foreign products into Nigeria. And he is today condemning the Naira’s value. It is like satan condemning sin.
No country on Earth can develop unless its citizens are patriotic enough to buy their own goods and services. Nigerians are creative when it comes to making excuses why they can’t patronise Glo, Air Peace, Innoson, Dangote products, and Aba-made shoes.
Of course, foreign goods and services will always be better as long as you patronise them. Is it not revenue a company uses to improve their goods and services? Patronise made in Nigeria goods and services, and the Naira will rise in value. Patronise Peter Obi’s Next Supermarket, and the Naira will fall in value.
And I practice what I preach. Everywhere I go, my family and I wear made in Nigeria Aso Oke, brocade, Ankara, and other textiles. I wear Borno cap. I use Sapele Timber walking stick. I build student hostels in Nigeria. Except you and I make the Naira appreciate via our consumption habits, Tinubu and Cardoso will only be partially successful.