The Nigerian currency is perceived, even by local experts as the most devalued anywhere in Africa. In the early 1980s, the currency was strong enough to be accepted as a medium of exchange in some international finance capitals. Suddenly, that achievement was frittered away by administrations that did not see the wisdom in building on the attainment.
The textile factories survived on the lush cotton farms in parts of the North, the automotive companies that sourced a sizeable portion of their inputs from Nigeria were doing good business, transferring technology and creating jobs. Tyre producing companies promoted the cultivation of rubber in parts of the south south and were empowering local, small holder farmers.
This was made possible by the years of easy petro-dollar that lulled everyone into a state of complacency, especially policy-makers, who began to feel that money was not the problem but how and on what to spend it. To the consternation of the citizenry already used to bank transactions when the need for foreign currencies arose, black market emerged from nowhere and took over the space. Their rates have become the benchmark for assessing the true value of the naira.
All these have contributed to the weakening of the naira with the disastrous effect that it is having on the economy generally. Without productive activity, there is not much anyone can do to save a situation that is becoming increasingly dire. If the nation desperately needs foreign exchange as it presently does, then the citizens must necessarily roll up their sleeves and work hard to produce not just for local consumption but also for export.
As at today, the nation is an import-dependent country. We import everything from apples, biscuits to tooth pick. But the economy must come off its import dependency malaise and focus on economic activities that promote local sourcing of raw materials and produce for export. Halloween, the season of frights and delights, brings with it a unique cinematic tradition - the resurrection of Freddy Krueger. A character who embodies the very essence of Halloween, Freddy Krueger, created by Wes Craven, has haunted our dreams for decades. How about a look into why Freddy Krueger consistently comes alive every Halloween and…
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