I really did not want to write on this before, but recent happenings have forced me to put my pen to paper(my fingers to my phone in this context).
It is about the depreciation of the Naira. The increase in parallel exchange rate is not a joke. At first we thought it was just one of those times and that the dollar exchange rate would soon return to #200 per $1, but nay it has only gotten worse .The hike in prices of goods is rather incredulous ( from water to noodles to almost everything): just yesterday, I wanted to buy biscuit that I normally buy at #10 per 1 but it was sold at 4 for #50, I was surprised; also the noodles that is normally sold at #100 now goes for #120 ,even the price of sachet water has been increased that is to mention but a few .
Which way Nigeria?
What really baffles me is our high dependency on imported goods. Can you imagine that we even import toothpicks. No wonder the hike in the price of goods has been blamed the the increased dollar exchange rate.
A country that depends to a large extent on imported goods will definitely continue to experience this crazy and self-inflicted dilemma.
Which way Nigeria?
Are we just going to sit down and continue to watch as our economy collapses on our head. I think it is time for Nigerians to rise and take the future of our nation in our hands, because if we keep waiting for someone somewhere to improve our economy, we might just wait forever. I think it is time for us to build up the #madeinnigeria products and market. I think it is time for us to take our future in our hands.
There are so many things wrong with our country, but then the change we really seek must start from you and me. Don’t ask me how though, because that is why I wrote this post.
How can we build back this fallen giant? Electricity supply is mostly non-available, you spend a lot on fuel, food… and yet salary is not increased.
The state of things in the country are indeed poor but a pwc report says,it can get better but a more resilient long term economic model is needed (check the link here)
Which way Nigeria?
P.S: News has it that at this morning, the Naira has appreciated from about #400 per $1 to #305 per $1 (see it here).
#justsaying