Yes, the Naira has tumbled to an all-time low of ₦950 to $1, and we are all rushing to the Internet with our data purchased from MTN, Airtel, and Etisalat to complain. And the use of such data from these foreign companies is part of what is driving the value of the Naira down.
Only 28% of Nigerians use Glo. 65% of our population uses either MTN, Airtel, or Etisalat. How, then, do we expect the Naira to rise? By magic? Don’t you know that part of the reason you are having 950 to $1 is because foreign companies repatriate over $8 billion annually from Nigeria to their home countries?
I was in Nigeria this past week, and I inspected Innoson Motors vehicles. They are so affordable, elegant, and aesthetically pleasing. Yet, how many of us drive IVM cars? I commend the Governor of Abia State, Alex Otti, for riding in an Innoson car during his swearing-in. Sadly, he spoiled it by donating twenty Toyota Hilux vehicles to security officials operating in the state.
The National Assembly should amend the Appropriation Act of 2023 to make it illegal for the Federal, State, or Local Government to buy anything other than Innoson Motors or any other made in Nigeria. And no government building in Nigeria must be built with any cement other than Dangote, Ibeto, or any other made in Nigeria concrete.
President Tinubu should set an example in that area. It is worthy of note that he is living in a two-bedroom flat. But if he and all the thirty-six state governors and their appointees drive IVM cars, Nigerians will also buy them, and that will reduce the $8 billion Nigeria currently spends importing foreign vehicles annually.
Only by replacing foreign goods and services with made-in-Nigeria alternatives, even if they are not as good, can the Naira’s value increase. But we don’t have that patriotic spirit. We want to wear footwear made in Italy and Spain and expect our Naira to spin around. Ko le work.
Mr. President, unless and until you change Nigeria’s consumption behaviour by placing a heavy tax burden on foreign goods and services, our Naira will continue to do like Black Maria!
