Monday, August 29, 2016

Kill The US Dollar Now And Save The Naira Or Continue To Be Slaves To The Us And Other Developed Countries

In 1984, the naira had more value than the dollar. #1 was worth $1.36. I still remember that we were in a Military regime and gen Muhammadu Buhari was the head of state. About 30yrs after #300 is now worth $1 officially and #400 is worth $1 at the informal market. What happened? What has changed?
In 1984, Nigeria was refining fuel and meeting her local consumption demand of fuel while exporting her excesses and making foreign exchange. I was born at about that period and till I finished my primary school in 1995, i never tasted what is now called foreign rice. What I knew was Abakiliki rice. The only difference I remember is that we pick stones out of the rice before we cooked instead of pouring it directly into the pot like we do today.
The figures from the importation of fuel and rice are scaring. We consume about 33 million liters of fuel daily and a large chunk of this is imported. $20 million dollars daily for fuel importation $4 million dollars daily for rice importation. $24 million dollars daily for rice and fuel importation put together. $720 million dollars per month to import rice and fuel and then $8.64 billion dollars to import rice and fuel in one year equivalent to about #2.3 trillion naira in one year is really a suicide mission that no country and her currency can survive.
These combined effects of the importation of these two consumables have caused us our naira. You can argue that rice and fuel are not the only things we import and so are not fully responsible for the demise of the naira, but the practical figures from the import of these two consumables stares at you and mock you. $8.6 billion US dollars or #2.4 trillion Nigerian Naira laughing loud at you will definitely make you ashamed even if you have no shame before now.
Others may say our population has increased and the number of vehicles has increased, so more rice and fuel are consumed. I agree with you, but do you mean that we have remained stagnant as a nation for 30yrs while our population and consumption capacity increased? A 32yr old man or woman by your side will definitely slap the hell out of your chin and that will be enough to remind you he or she was born in 1984.
President Muhammadu Buhari has set a target to stop importation of fuel by the end of 2017 and begin exportation of fuel by 2018. This can be achieved by optimizing the capacities of our refineries and encouraging the private sectors to complete the refineries they have started to build in Nigeria.
Same thing is applicable to rice. The Ministry of Agriculture has been mobilized to produce enough rice for local consumption by the end of 2017 and to begin exportation of rice by 2018. This is achievable considering the new seedling procured by the Ministry of Agriculture, the increased funding of the ministry by the Buhari administration and the expansion of the rice farming community by the government among others. The President has promised to increase the capital budget allocated to Agriculture by next year, further from what it was this year.
We are just waking up now. We have wasted several years doing nothing but sharing money. This is not rocket science. It needs some time. We need to begin and remain consistent if we must achieve this so that our Naira can live and we can live.