Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,143,257 members, 7,780,565 topics. Date: Thursday, 28 March 2024 at 04:33 PM

See How Increased FX Rates Has Favour The Indigenous Market - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / See How Increased FX Rates Has Favour The Indigenous Market (363 Views)

Nigerian Tech Entreprenuer Favour Ori's Payday Raises $3m Led By Moniepoint Inc / GTB Vs Innoson: Supreme Court Rules In Favour Of GTB In N2.4bn Debt / Favour Ori 'Payday' Secures $1m To Build The Paypal For Africa (2) (3) (4)

(1) (Reply)

See How Increased FX Rates Has Favour The Indigenous Market by NaijaElba(m): 4:28pm On Oct 20, 2017
Ever since the FX rates spiked up, there has been an increase in availability and acceptance of locally produced goods. I mean Nigerians are beginning to not only settle for locally produced goods like clothings, furniture, groceries, beauty products etc but we are wholeheartedly beginning to appreciate our inventions.

Before now, a person would walk into a store where a foreign product and an indigenous product are placed side by side, same exact product but would prefer to take the imported one rather than the locally produced one. I’ll give you an example using the cosmetic sector : back in 2010, a tube of Mary Kay foundation cost 2k, a tube of Tara foundation cost about same price, everyone preferred to use Mary Kay because it was foreign and in a typical Nigerians mind, “foreign goods are of better quality” but now, due to the high FX rate, same Mary Kay foundation now cost 6k, while Tara foundation cost 4k, many Nigerians are forced to disregard the foreign Mary Kay product and settle for our indigenous cosmetics Tara. Infact, more indigenous companies have sprung up like Classic, Zaron etc.

Again, I’ll use the fashion industry, many fashion designers have sprung up, different clothing label owners have emerged, we see a lot of people patronizing our locally made materials and using it to create beautiful casual and party clothing and ditching buying foreign clothings.

I walked into a supermarket last week with my friend to get a buy a wedding gift and card. I picked a little card, went to the counter and when it was machined,we were told it cost 1500. My friend asked why? And they said because it’s foreign. That the locally produced ones cost far less, he told them to get him the local ones but they said it was finished. That people usually opt for the local ones instead of these ones and I smiled; a few years back, I’m sure they wouldn’t have.

The list is endless, every sector right now is enjoying a measurable amount of boom. From the footwear industry to the beauty products, locally produced washing and bath soaps, interior designs, furniture, clothing, gift items etc. The high FX has prevented us from patronizing our beloved western goods as often as we used to and has given us the citizens the opportunity to establish our market and grow it considerably to cement our identity and showcase the beauty of our heritage to the world and beyond.
Heck! Even the westerners are beginning to key into our local products and make use of them for their designs. Let’s not also forget, you can also produce something here, export it, get paid in foreign currency,and change it at the high exchange rate here, thereby making more money.

The only industry I’d say that is still not benefiting, is the automobile industry(Innoson Motors) as its still a breeze for Nigerians to acquire foreign cars. Nigerians still haven’t come to trust the brand to handle their automobile needs but I believe with time, things would change and they’ll be a balance.

In other words, as much the high FX has affected a lot of businesses, it has also helped to boost a lot of business and helped us appreciate our own. So it isn’t so bad after all, wouldn’t you agree??

@lalasticlala

(1) (Reply)

How To Unleash Your Creativity & Innovation As Driving Power Of Entrepreneurship / Lagos Meet Up2 - One On One Mini Importation Training / Convert Your Gift Card's To Instant Cash Now

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 11
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.