₦airaland Forum

Tope Fasua’s recent statement claiming that the Nigerian currency’s low performance against other currencies has shifted businesses’ focus to local raw materials reflects a lack of understanding of the complexities of modern economic development. While the concept of leveraging local resources is laudable, this simplistic narrative fails to address the systemic challenges of the Nigerian economy and exposes a troubling lack of strategic thinking.

Nigeria's economy is too fragile to function independently in a globalized world. The backbone of modern economic growth is technology, which Nigeria significantly lacks. Technological advancement cannot be sourced from within; it requires international collaboration, investments, and the purchasing power provided by a strong currency. A weak naira diminishes the nation's ability to acquire the critical tools, skills, and infrastructure needed to compete in the 21st century.

It is, therefore, a glaring oversight for someone in an advisory role to the president to fail to recognize this. For a man tasked with providing strategic guidance to the highest office in the land, such an oversimplification of the country’s economic challenges is an embarrassment. It underscores a disturbing lack of vision in addressing the root causes of our economic woes.

Strengthening the naira is not just about international prestige; it directly impacts the quality of life of the average Nigerian. A robust currency reduces inflation, stabilizes prices, and increases purchasing power, thereby improving living standards. Moreover, a strong naira will reduce the need for Nigerians to seek opportunities abroad, as economic conditions at home would become more favourable.

I wish to conclude that Mr. Fasua must reassess his understanding of modern economic realities. The path to sustainable growth lies in strengthening the naira, investing in technology, and creating a globally competitive economy. Anything short of this is a disservice to the nation and its people.

Tola O. Ajimisogbe is a Strategic Management Researcher at the Nnamdi Azikiwe University, Awka, Anambra State.

An analysis of NIN registration data


By zone

Northwest 26,674,015
Southwest 23,711,984
North central 15,714,408
Northeast 13,434,947
South south 11,202,106
South east 8,580,610.

The details by states is in the link below the article.

The data by states indicates that Lagos has the highest population in the country and the population of the rest of the southwest is around 130 percent of Lagos while the Southeast is around over eighty percent of Lagos. Approximately.

The registration statistics also shows that the North is substantially more populated than the south.

However, another data that can be useful is BVN registration by states. Data like these are more reliable than the population census.

Lagos for decades now have continued to lead in population despite being smallest by landmass and the only thing they are doing different from others is generate revenue and make the government a big spender and big employer of labor in the local economy.



https://nimc.gov.ng/enrolment-dashboard-april-2023/?fbclid=IwY2xjawHiND1leHRuA2FlbQIxMQABHRZbvSmTfx1Us33ScCIxqlsdEgxWHjUD9ZjanDJyU2rDkZWTP3ZzbQiGHg_aem_KlgV_Yh3siumM8g5P320ig


















An analysis of NIN registration data


By zone

Northwest 26,674,015
Southwest 23,711,984
North central 15,714,408
Northeast 13,434,947
South south 11,202,106
South east 8,580,610.

The details by states is in the link below the article.

The data by states indicates that Lagos has the highest population in the country and the population of the rest of the southwest is around 130 percent of Lagos while the Southeast is around over eighty percent of Lagos. Approximately.

The registration statistics also shows that the North is substantially more populated than the south.

However, another data that can be useful is BVN registration by states. Data like these are more reliable than the population census.

Lagos for decades now have continued to lead in population despite being smallest by landmass and the only thing they are doing different from others is generate revenue and make the government a big spender and big employer of labor in the local economy.