I just came across this and I just couldn't agree less.
P.S: If you are a typical lazy Nairaland reader, you might want to think twice. DONT SKIP... READ ALL OF IT.

MY SUNDAY SERMON
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Plunging Naira - before you blame Emefiele look at yourself

It is either I do not understand economics and how exchange rates work or a vast majority of us Nigerians still don’t get how we have wrecked our country with our own curious choices. Just this morning I was listening to the radio and the lady on air went on and on about how she thought CBN governor Godwin Emefiele was incompetent and should be sacked because the naira was now exchanging at 309 or so to the USD. That view pretty much echoes the sentiments expressed by many people I know and it amazes me that there are Nigerians who actually think there is some magic POLICY that can make the naira strong in the near term. If my economics and my understanding of the way the world works are right, then that is as far from the truth as Jesus Christ is black.

The simple fact of the matter is that apart from oil that accounts for over 90% of our revenues, we really don’t have much of an economy. We hardly produce anything, we import even toothpicks, so exactly what policy is going to be implemented that will turn Nigeria into a top exporting economy in the near term? Where are our Apples, IBMs, Disneys, GMs, General Electrics, Coca Colas, Empire State buildings, Statues of Liberties, Lockheeds, Citibanks, JP Morgans, ExxonMobils, NBAs, Super Bowls etc?

Let me bring that closer home. There was a time long ago when Nigeria had a truly strong economy and the naira was one to the dollar - even exchanged for higher than the USD, but that Nigeria is not this Nigeria. Sadly that Nigeria was laid by the British, and this Nigeria (if you don’t believe in the nonsensical imperialist conspiracies like me) - fueled by the DAMAGING Indigenisation Decree, has been the creation of us Nigerians.Back then we had a booming economy. We were either the top, or among the top exporters, of timbre, cocoa, groundnuts, rubber, palm oil, etc, in the world. Nigerians not only holidayed at home in their villages, at Yankari Games Reserve, at Obudu Cattle Ranch, at Oguta Lake, at Ikogosi springs, at Gurara Falls, at Mambilla Platueau, etc, we attracted international tourists who brought in loads of foreign exchange. Even Nigerian schools were foreign exchange earners because they attracted foreign students. We had different car assembly plants - Peugeot, Volkswagen, Anamco etc. Nigerian government officials only bought vehicles assembled in Nigeria for official cars. We had a thriving sports industry. We were not Man United or Chelsea fans, we were Rangers or IICC fans. We had the Nduka Odizors, people made money from sports. We also had companies like Lennards and Bata producing school shoes in their thousands, we had the thriving Nigerian Airways and the Aviation School in the north that produced some of the best pilots in the world. In those days if you were brilliant you were respected much more than the crass money-miss-road contractors of today. Most of the Aje Butters I knew had fathers who were university dons. Back then it meant something to ‘know book’. Our textile industry was alive and well. Just recently I watched a news report on the textile industry in Nigeria on CCTV News. Though the main focus was on the comatose status of the industry, I was stunned by the gigantic Kaduna Textile Mill built in 1957. I could go on and on.

Today however, no thanks to our parents (and we must call them out the way Wole Soyinka did his generation) and many of us (and we should be remembered for failing our children if we continue like this), we have destroyed everything. Today for instance Nigerian football (which comes easy to me obviously) doesn’t appeal to us, we have to fly across thousands of miles to watch ‘our’ clubs play. Every year we collectively burn billions of naira being fans of clubs that give us nothing back, but some ‘entertainment value’ - simple pleasures for which we are ready to destroy the future of our children. Well people, payback time is here. Even with our ta-she-re money we all want to wear designer clothes and carry designer bags, Armani, Givenchy, Louis Vuitton etc. We all want to drive jeeps with American specs, our children must now school overseas and acquire the necessary accents to come back home and bamboozle their ‘bush and crass’ contemporaries that they left behind. Who holidays in Nigeria anymore, is there Disneyland here? No one buys made-in-Nigeria school bags for their children, after all no Superman or Incredible Hulk or Cinderella on them. We are no longer top exporters of anything and the demise of oil means we have zilch... zero. A country of 170m fashion-conscious people has no textile industry. We take delight in showing how our made-in-Switzerland Aso Ebi is different class to everyone else’s. When we help our musicians grow and pay them millions, they repay us by immediately shipping the monies overseas to produce their “i-don-dey-different-level”music videos. It makes no difference that distinctly Zulu dancers are dancing to a Nigerian highlife song. As stars concerned they also wed and holiday overseas to impress us all. All the musicians who acknowledge their Ajegunle roots now speak in a cocktail of strange accents to symbolise how much they have blown their monies overseas.

Were we a more serious people, the highly popular Kingsway Stores of the past would probably have a thousand outlets pan Nigeria today supporting a massive agriculture industry among others, but today we have the likes of SPAR, Shoprite, dominating the retail industry while Kingsway is dead. And we Nigerians make it a special point to shop from the Oyibos who have ‘cleaner shops’, ‘better this and better that’. For our personal pleasure we don’t mind them dominating us in our own backyard and shipping proceeds overseas.

I could go on and on, but I don tire. Even as you are reading this, stop for a moment and look around you. What you see will probably explain why we are lucky it is not N1000 to the USD yet. And don’t think for a moment that it cannot get there. Just continue to wear your Armani gear and Swiss-made lace, continue to spend your money on Man United, Arsenal, Chelsea and Barca and encourage your children to do same. (My article tomorrow in my Saturday column in This Day is on the Nigerian champions Enyimba FC - Nigeria’s most successful club - not having a sponsor, yet Nigerian brands pay over N600m to Man United and Arsenal for sponsorship to impress us.) Ehhh, no problem, continue to tell me the NPFL is rubbish or the clubs should clean up their act if they want sponsorship, mo gbo. Don’t curtail your interest in choice wines ( we were the number one champagne consumers in the world in 2015), continue to love your American specs, cheer the education ministry for letting schools sink to pitiable levels, don’t fight them to improve our schools, don’t chide them for letting schools drop Nigerian history and embrace British, America and whatever else curricula. Carry on with your love of French wines and Chinese silk, don’t bother about Jamiu Alli when there is Roger Federer. Stock up on your Italian, American, British products which you cannot live without, including the ‘baby soft’ toilet rolls produced only in that small unique village in England - the days are long gone since you were a broke student who used wet newspapers to wipe your butt. Don’t even consider holidaying in Nigeria, it’s too dangerous - you have to fulfill your dream of being Nigeria’s Henry Ford. Don’t listen to people like me who have a wardrobe full of only cheap adire that is actually cheaper than just one of your Tom Ford blazers. Please keep dressing in fine silk made in some exotic place so you can be addressed accordingly. Finally keep letting corrupt leaders who have looted your commonwealth and shipped all the monies overseas get away because to attack them does not fit your political narrative. Let us continue with the fine life, let us all continue to work for Oyibo.

But don’t forget that there is payback time and Emefiele is not your problem. Time for us all to look in the mirror.

Cc: Mynd44
Cc: OAM4J
Cc: Seun
Cc: Tonyebacarnista (dunno if I got it right)


Link: http://thenakedconvos.com/plunging-naira-before-you-blame-emefiele-look-at-yourself/

Why not just blame GEJ, its easier that way.

Nice write-ups but the problem still remain, where do we start from...

The write up was written by an economic illiterate.

As I no get money to invest inside country and dollar enter N300 na my fault abi?

vicstar:
itz all greek to me dint get a single tin

Lol... I guess then that you are more of a new age person.... maybe ur dad, mom or someone older, born in the old times would understand the write up better....

grandstar:
The write up was written by an economic illiterate.

Oh really?.... Pray educate us sir.... we re willing to learn....

TippyTop:
Why not just blame GEJ, its easier that way.

lol... Nah.... GEJ hardly was the problem.... the problem is within ourselves.... the choices we make every day....

nice write up.. so educative
even though I'm a Sierra Leonean and of the new age ,I can connect to most of the things you wrote..The same mentality all over Africa.....We don't support ours yet we want to grow like the white folks......we are the reasons Donald Trump is talking all those rubbish about us.
The problem of Africa is the African.

AMKAG66:
nice write up.. so educative
even though I'm a Sierra Leonean and of the new age ,I can connect to most of the things you wrote..The same mentality all over Africa.....We don't support ours yet we want to grow like the white folks......we are the reasons Donald Trump is talking all those rubbish about us.
The problem of Africa is the African.

Someone who sees the point and understands it....

grandstar:
The write up was written by an economic illiterate.

Mr.Economic Guru, why not enlighten us then? Let us drink from the fountain of your knowledge. The floor is yours. Do not disappoint us.

kentuta:
Nice write-ups but the problem still remain, where do we start from...

We should start by looking at ourselves in the mirror bro.... The current administration is making moves already but tribalism, political party preference and relationships will not let a whole lot of Nigerians see that what is going on now is for the good of our own as a people..... Some call it witch hunting but to me, it is fighting corruption with action and not words like others did.... Rome wasn't built in a day and I am damn well sure that a lot of hard decisions were made to make Rome the City it is today.

@OP.

Great post. What you stated below is exactly what I have been telling nairalanders for the past few days especially our numerous pretend professors of economics who have been tripping over their own shoelaces talking of "fiscal and monetary policy" and such jargon as if those can magically rescue a currency and economy in the doldrums because its main export is now worth around 75% less than it sold for not too long ago. Nigerians simply do not understand that we do not have anything going for us economically that can aid the recovery and prosperity some want to see. Sadly, for pragmatically honest Nigerians, it is now about austerity, downsizing, belt-tightening and very modest expectations for the foreseeable future. We f**ked ourselves because our over-reliance on oil means we failed to plan and therefore planned to fail. Nigerians cannot then ignore hard facts and global reality to childishly expect water from a stone.

I know and it amazes me that there are Nigerians who actually think there is some magic POLICY that can make the naira strong in the near term. If my economics and my understanding of the way the world works are right, then that is as far from the truth as Jesus Christ is black.

The simple fact of the matter is that apart from oil that accounts for over 90% of our revenues, we really don’t have much of an economy. We hardly produce anything, we import even toothpicks, so exactly what policy is going to be implemented that will turn Nigeria into a top exporting economy in the near term?

Gbawe:



Mr.Economic Guru, why not enlighten us then? Let us drink from the fountain of your knowledge. The floor is yours. Do not disappoint us.

Make I follow carry cup stand for line.... me sef wan drink...

Gbawe:
@OP.

Great post. What you stated below is exactly what I have been telling nairalanders for the past few days especially our numerous pretend professors of economics who have been tripping over their own shoelaces talking of "fiscal and monetary policy" and such jargon as if those can magically rescue a currency and economy in the doldrums because its main export is now worth around 75% less than it sold for not too long ago. Nigerians simply do not understand that we do not have anything going for us economically that can aid the recovery and prosperity some want to see. Sadly, for pragmatically honest Nigerians, it is now about austerity, downsizing, belt-tightening and very modest expectations for the foreseeable future. We f**ked ourselves because our over-reliance on oil means we failed to plan and therefore planned to fail. Nigerians cannot then ignore hard facts and global reality to childishly expect water from a stone.

Its such a sad thing that only a very microscopic few know and understand these things.... it's not always about theoretical balderdash..... What has to be done is glaring everyone in the face but those with the power to implement such actions choose to live in a world of their own in fat stolen luxury while the rest of their country men who put faith in them languish in lack...

[size=13pt] INDUSTRIALFAN

Those are the core causes of the weakness of the naira but these causes established themselves from administrations ago, not this one.

We will therefore blame the government because this is what they are supposed to do - lead the rest of the country out of the self-destructive errors. What else are they elected as leaders to do? To sit and observe errors? However, it would seem they neither have a clue as to how, or the will to execute what really has to be done to improve the Nigerian economy and its currency.

By the way, government officials come out of the people and are as guilty (maybe even more guilty in many cases) of patronising foreign made things from expensive cars, watches clothing and furniture to medical care, holiday shopping and any glittery foreign thing that tickles their fancy and which they have the purchasing power to acquire.

That being said, I have long had the belief that the real hope (and power) lies in the private sector.

He who can understand, let him understand the outstanding opportunity in the statement below.

"If politicians attacked the business space with the same do-or-die attitude with which they have approached the political space, Nigeria would be a completely different country by now."[/size]

Op add the link below to your post so that it could hit front page and enlighten the public. The writer has said it all and as an economist I quite share his views.

http://thenakedconvos.com/plunging-naira-before-you-blame-emefiele-look-at-yourself/

[b] One of the best articles I have read in months. Reflecting, I wonder how we got to this point. I won't be surprised to see many youth making comments like "can someone summarize'', "too long" etc. That's part of the problem.

The ministry of youth and sport should spearhead the change. Money should be pumped into our local leagues. They can use popular musician to pull crowd. A timaya for example can sing at liberation stadium ph, before dolphins play eyimba. Securities too should be provided and watch our local league bounce back. Nigeria media houses too can help show the matches live. RSTV can show live matches of PH based clubs. Same with OGTV, EBS, ITV, OSTV and other state Televisions.

The federal and state government can adopt Innoson as the Nations official car. Same way Peugeot was adopted in the 80's

About the textile industries in kano and kaduna, I don't know what to say. Last I heard, GEJ government gave them billions as bail out funds managed through BOI. What happened to the money??

The is need for re-orientation of Nigerians .


[/b]

INDUSTRIALFAN:
Its such a sad thing that only a very microscopic few know and understand these things.... it's not always about theoretical balderdash..... What has to be done is glaring everyone in the face but those with the power to implement such actions choose to live in a world of their own in fat stolen luxury while the rest of their country men who put faith in them languish in lack...

You omitted , defending the so called leaders with superhuman vigour , despite their being totally undeserving....

[b] Oh pls spare me all this talk that gets nowhere. What do you mean by all this look into ourselves talk? How do you think we can thrive without the government providing access to favorable conditions, needed provisions and economic plans towards local production.

On the contrary I think Nigerians are already doing a whole lot themselves without depending on the so-called government for their support.

Tell me how many people have all the oil money fed in Nigeria over the years? The only thing we see is more than 90% living below the poverty line and u expect that percentage to make radical changes to our standard of living. You must be a joker.

Pls all this APC and their ghost media activist should stop all this shift of responsibility and blaming all angles of society. The past govt is not better, yes we gree, you nko? Useless bunch of like feathers.

A young creative hustler can change his economic status with 200k or less and this government has all that money (even as they claim the purse is empty) and still can't come up with something.

When would Nigerian youths ever know the difference between their right and being a footmat? [/b]

A nice piece but the only mistake the op made was not blaming GEJ or NOI whom Oshiomhole sees as the root cause of Nigeria problems.

coolscott:
[size=13pt] INDUSTRIALFAN

Those are the core causes of the weakness of the naira but these causes established themselves from administrations ago, not this one.

We will therefore blame the government because this is what they are supposed to do - lead the rest of the country out of the self-destructive errors. What else are they elected as leaders to do? To sit and observe errors? However, it would seem they neither have a clue as to how, or the will to execute what really has to be done to improve the Nigerian economy and its currency.

By the way, government officials come out of the people and are as guilty (maybe even more guilty in many cases) of patronising foreign made things from expensive cars, watches clothing and furniture to medical care, holiday shopping and any glittery foreign thing that tickles their fancy and which they have the purchasing power to acquire.

That being said, I have long had the belief that the real hope (and power) lies in the private sector.

He who can understand, let him understand the outstanding opportunity in the statement below.

"If politicians attacked the business space with the same do-or-die attitude with which they have approached the political space, Nigeria would be a completely different country by now."[/size]

not far from the truth but if you read the whole thing, you would see why I still maintain that we blame ourselves.... Somewhere in the post, it was mentioned that we see our leaders get corrupt and we turn a blind eye. When someone turns up to do something about it, the same Nigerians suffering from the greed of politicians start springing up calling the act of cleansing *witch hunting" just because the person doing it is a Fulani man or is an Apc man or because he is a Muslim..... Nigerians cry "unfair" but are not just ready to be treated fairly.... if Nigerians are ready, then it wouldn't matter who is at the wheels so long as we get to our destination safe sound and happy....

kahal29:
Op add the link below to your post so that it could hit front page and enlighten the public. The writer has said it all and as an economist I quite share his views.

http://thenakedconvos.com/plunging-naira-before-you-blame-emefiele-look-at-yourself/

Link has been added.... thanks bro.... twas shared with me via WhatsApp so I didn't have a link to it..... thanks for the link....

tobimillar:
[b] One of the best articles I have read in months. Reflecting, I wonder how we got to this point. I won't be surprised to see many youth making comments like "can someone summarize'', "too long" etc. That's part of the problem.

The ministry of youth and sport should spearhead the change. Money should be pumped into our local leagues. They can use popular musician to pull crowd. A timaya for example can sing at liberation stadium ph, before dolphins play eyimba. Securities too should be provided and watch our local league bounce back. Nigeria media houses too can help show the matches live. RSTV can show live matches of PH based clubs. Same with OGTV, EBS, ITV, OSTV and other state Televisions.

The federal and state government can adopt Innoson as the Nations official car. Same way Peugeot was adopted in the 80's

About the textile industries in kano and kaduna, I don't know what to say. Last I heard, GEJ government gave them billions as bail out funds managed through BOI. What happened to the money??

The is need for re-orientation of Nigerians .


[/b]

Answers right in front of them but will they ever listen? all most people care about is being identified with class whilst calling anything made in Nigeria is "local" and as such avoid "local" things..... they seem to forget the foreign things the foreigners use which Africans and Nigerians love to copy is known as "locally" made from where ever it comes from and foreign to where ever else it is taken to..... Most Nigerians (myself and a few right thinking Nigerians excluded) are the death of this country...

modath:


You omitted , defending the so called leaders with superhuman vigour , despite their being totally undeserving....

Thanks joor.... People like that are surplus here on Nairaland.... Very annoying....

Wow, finally, no other person to blame other than the masses, it would have been the masses before God, after masses now, who is next? Devil him sef!

Blame GEJ, Blame God, Now blame Us.

While buhari is having N70million hair cut.

Soon Dambazau will use N100million to shine shoe.

we haven't had a leader in so long. this is what happens when you leave an airplane to free-fall.

from the naira exchanging for $2 to #1 in the late 70s and early 80s to naira now exchanging for over #300 to a dollar, Nigeria has been raped and battered by rulers from the North, East, West and South of the nation.

i pray crude oil sells for 50cents/barrel before the end of this year.

whether we like it or not we must get our sh*it together in this country "by fire, by force".

oh, and to our bia*fran touts, you guys are going nowhere. we destroyed this country together, we will build it together. shikena.

Ioannes:
we haven't had a leader in so long. this is what happens when you leave an airplane to free-fall.

from the naira exchanging for $2 to #1 in the late 70s and early 80s to naira now exchanging for over #300 to a dollar, Nigeria has been raped and battered by rulers from the North, East, West and South of the nation.

i pray crude oil sells for 50cents/barrel before the end of this year.

whether we like it or not we must get our sh*it together in this country "by fire, by force".

oh, and to our bia*fran touts, you guys are going nowhere. we destroyed this country together, we will build it together. shikena.

True. This is why I laugh at those who say Buhari should "face" the economy and drop the anti-corruption fight. They don't understand that the fight against corruption is a necessity and not a choice !!! Because Nigeria is earning a lot less than it did, we simply need every kobo that can be recovered from looters. To that end the corruption fight then indirectly becomes an important part of the economic trust of this government. You cannot diversify our economy in days or even months. The SME sector can help immensely, if it were healthy, by limiting our economic exposure to falling oil prices but we ruined that as well and it will take time to develop e thriving SME sector capable of being able to provide many jobs, contribute significantly to GDP and deliver the business activities and cash to drive a nation.

As it is, the Nigerian government is the biggest employer of labour and this is truly sad for anyone who appreciates that this is an expensive and retroactive aberration. There is so much stacked against us that it is even depressing to begin talking about it. I personally just want the current government to educate Nigerians better about the challenge the nation is facing so that people know not to expect quick or miracle fixes because it is irritating watching some charlatans speak as if we have the economic ability and power to defy global reality when we are a mono economy with our main expert and income earning becoming more worthless and less demanded daily.

IsaacBuchi:
[b] Oh pls spare me all this talk that gets nowhere. What do you mean by all this look into ourselves talk? How do you think we can thrive without the government providing access to favorable conditions, needed provisions and economic plans towards local production.

On the contrary I think Nigerians are already doing a whole lot themselves without depending on the so-called government for their support.

Tell me how many people have all the oil money fed in Nigeria over the years? The only thing we see is more than 90% living below the poverty line and u expect that percentage to make radical changes to our standard of living. You must be a joker.

Pls all this APC and their ghost media activist should stop all this shift of responsibility and blaming all angles of society. The past govt is not better, yes we gree, you nko? Useless bunch of like feathers.

A young creative hustler can change his economic status with 200k or less and this government has all that money (even as they claim the purse is empty) and still can't come up with something.

When would Nigerian youths ever know the difference between their right and being a footmat? [/b]

And you think you made sense? did you read anywhere that the past administration was blamed? someone even said its easier to blame GEJ so y not do so and I pointed out that Gej nor his administration is the problem.... next time read the whole thing before commenting and if you did, well...........................,.
.
.
.
.
.. Read again and this time comprehend.....
You don't expect a government to make much change over night when the same people that complain are same people that will still find a way to smuggle foreign goods in without thinking twice while blaming whichever government is in seat for certain back drops. How many of the youths if given 200k will do sth worth while with it when na dem love groove pass anything? everyday of the week is one party or the other.... How many successful countries have you seen hand cash out to youths? so you just wake up one day and expect free 200k to drop in your lap so you can do one business you had in mind since you were a baby? what happened to reviving the industries that prove to be lucrative but have been abandoned and getting the youths to get employed there and make decent earnings then save up to start whatever business he or she wants to do? abeg tell me another story joor...

wordcat:
A nice piece but the only mistake the op made was not blaming GEJ or NOI whom Oshiomhole sees as the root cause of Nigeria problems.

we started having these problems even before GEJ ever thought of being president.... Everybody is to blame Starting with those who fought for independence..... in my own opinion, Nigeria was granted independence prematurely.... we just were not ready to handle Nigeria just yet.... One would always wonder why SA and a few other African countries are more developed in certain core areas that in turn make their economy thrive more than the Giant of Africa...