It could be argued that outside its originating country (the USA), there is nowhere else the dollar currency is more popular and widely referenced than in Nigeria. Even an illiterate pepper seller in a rural community without internet access is quick to answer queries about the rising cost of commodities with the refrain “the dollar is now expensive.” Such is the Nigerian situation. We are obsessed with the Benjamins, and our local currency is in a battle with it for dominance. Due to years of bad gladiators fighting on the side of the naira, it has been losing that battle. But a ray of hope appears in the distance, even if tiny, considering the wild fluctuations we continue to witness. The naira can pick up pace and defeat the almighty dollar, but only if the following three things are achieved:
1. More Local Production: A former US presidential candidate once made headlines for describing Russia as a glorified gas station because gas is all it has to offer the world. Using the same point of view, one may describe Nigeria as a giant crude oil field because it is the only thing we bring to the table from a global perspective. This must change if we are to win the battle against the dollar because the crisis we are currently witnessing is simply due to the fact that our appetite for the dollar is greater than our capacity to earn it. We have to produce more made-in-Naija products that can satisfy local demand and become commodities of global trade. A country shall not live by crude oil alone, especially one with a population of 200M people.
2. Encourage Local Manufacturers to be Enterprising, Not Lazy: Nearly every nation in the world has policies in place to protect local manufacturers and help them succeed. This is, after all, key to lasting economic growth and national sovereignty. Relying solely on imports because they are cheap and save the stress of producing them could land any nation in trouble, especially when the supplying external party decides to go haywire. So Nigeria should and must protect local manufacturers. But the protection should encourage innovation and creativity, not provide access to lazy profits. Previous made-in-Naija efforts have failed because they essentially lined the pockets of manufacturers who didn’t want to compete and improve but secure permanent access to profits earned from imposition. As is now obvious, this is unsustainable. Agege bread is not free anywhere, not even in Agege.
3. Embrace Made-in-Naija: It is true that some local manufacturers have a lot more work to do to meet required standards. But it is equally true that a lot of Nigerians are obsessed with foreign labels and are unnecessarily disdainful of locally produced goods, even when no difference exists between the products and their foreign equivalents. For the naira to emerge victorious in this epic, long-drawn battle, a change of mindset must occur. By embracing made-in-Naija, you strengthen the naira, keep your fellow citizens in jobs, and give small companies a chance to scale. We are not saying you should purchase a product just because it is made in Nigeria. We are asking you not to shun a product (that is good, effective, and meets all its brand promises) just because it is made in Nigeria.
At the end of the day, the value of any country’s currency is largely a reflection of the capacity and faith of its citizens in the local economy.
— Crown ThankGod
