The fall of the Naira did not just happen overnight.
The Naira was stronger when we had:
1. Peugeot Automobile Nigeria
2. Volkswagen Nigeria
3. Dunlop Nigeria LTD
4. Michellin, Nigeria
7. Nigerian Airways
8. Steel Rolling Mill, Osogbo
9. Steel Rolling Mill, Ajaokuta
10. Arewa Textile Mill
11. BEREC Battery
13. General Motors
15 A.G. Leventis
19. RANGERS FOOTBALL CLUB etc.
Freefall started when we abandoned:
1. IICC for ARSENAL
2. RANGERS for MANCHESTER UNITED
3. EYINMBA for LIVERPOOL
4. NIGERIA AIRWAYS for BA
5. YANKARI for DISNEY LAND
6. GURARA for ISRAEL
7. IKOGOSI for the UK
8. PALM WINE for HENNESSY
9. AREWA for SWISS LACE
10. ARIARIA for ITALIAN SHOES
11. MAMA PUT for QUILOX
12. OJA OBA for SHOPRITE
Practically, there is nothing on ground in Nigeria to attract the Dollar ($). Nigerian brands are sponsoring foreign clubs.
A bottle of Hennessy is N110,000 in Quilox, at Victoria Island, Lagos.
The voice-over of ARIK AIR advert was done by an English man.
And we are growing the NAIRA!
Nigeria, being the 5th largest consumer of Japanese products in the world, does not have an Assembly Plant for Toyota.
We do not have assembly plants for Mercedes Benz, Hyundai, Honda, etc.
Despite the fast growth of broadcasting & ICT in Nigeria, we do not have assembly plants for any of the producers of all electronic appliances such as Samsung, Sony, Nokia, HP, Tecno, etc.
Major software development contracts are warehoused from offshore.
Corporate Executives & politicians give more preference to foreign training, foreign medical services, foreign food items & foreign dresses.
With the growth in aviation, aircraft maintenance is done offshore.
Most fishing companies have been taken over by the Indians.
The Chinese and Indians are leading farmers with GMO and biotechnology across the country while Nigerians are busy selling land.
Who will you blame if foreigners are now the landowners, after all, you can’t eat your cake and have it.
Don’t look elsewhere, check the MIRROR, we are collectively CULPABLE!
Please stop developing other economies at our detriment.
Let us begin to patronise local products and grow the NAIRA!
The time to start is now and now is never late.