post on his Facebook page. It's a long one but makes absolute sense. Please read to the end if you can...
“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.
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?
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 Indigenization Decree, has been the creation of us Nigerians. Back then we had
a booming economy.
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 Indigenization 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.
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.
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.
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.
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.
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 Oyinbos who have ‘cleaner
shops’, ‘better this and better that’.
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 Oyinbos 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.
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.
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 curricular.
“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 Oyinbo. But don’t forget that there
is a payback time: Worth sharing again. I must equally add, there is nothing wrong in
wearing designers but it's the misplaced priority over the lives of children and the economy of
a whole nation. Remember that Because you can afford it, does not make it compulsory to have
it. Please pass round until it sinks and we all can digest the current situation and how to bring
changes and preserve our beloved country. It's never too late and we shouldn't give up, we own it
to our children and children's children.
is a payback time: Worth sharing again. I must equally add, there is nothing wrong in
wearing designers but it's the misplaced priority over the lives of children and the economy of
a whole nation. Remember that Because you can afford it, does not make it compulsory to have
it. Please pass round until it sinks and we all can digest the current situation and how to bring
changes and preserve our beloved country. It's never too late and we shouldn't give up, we own it
to our children and children's children.
And here's my take... Nigeria is in recession now, the economy is damaged, way forward?
Diversify the economy and wait for returns in a few years maybe a decade and Nigeria will
bounce back. Period.
Diversify the economy and wait for returns in a few years maybe a decade and Nigeria will
bounce back. Period.
