Presently, I will say I don’t know what the Naira to the dollar is saying as regards exchange rate. But last I checked, the buying power of Nigerians importing goods from outside the country has dropped. So if you have been following the #BuyNaijaToGrowtheNaira you will not be alien to the 3 things I want to discuss with you.
The market has always been here but we chose to ignore it
So is there any positive side to the naira devaluation? I want to believe that there is a positive side to the current situation with the Naira devaluation. Actually, e-commerce platforms now have to look for alternatives to replace the imported merchandise that are on their platforms. I see a situation of made in Abba goods actually gaining traction in terms of sales pretty soon.
— Konga.com (@ShopKonga) February 16, 2016Advertisement
If you can’t see what I am saying, just picture the Indians buying their not-so expensive made in India products. That’s what will eventually happen to Nigerians.
Skilled individuals can now name their prices wisely
The good news is that skill based operations will be outsourced to Nigerians now that it is expensive to engage expatriates who mostly earn in dollars. I see smiles on some faces already but I hope it will not inflate the cost of service.
— Ben Murray-Bruce (@benmurraybruce) February 9, 2016
For my friends who were actively involved in Skill Acquisition and Entrepreneurship Development (SAED) programs during their NYSC service year, prepare to have more clients than you can take. The same goes for other skill-based professions. In the voice of Olamide ‘Made in Naija ti take over’
‘Made in Nigeria’ might be the new wave
Believe it or not, Nigerians are creative folks too and very creative for those that know.
— Bukola Saraki (@bukolasaraki) February 15, 2016
— Ben Murray-Bruce (@benmurraybruce) February 15, 2016
With Government intervention, the real Nigeria which can be a strong exporting economy will be revealed and other sectors that have been lacking attention will experience significant growth.
Nigerians like to talk and they will keep talking about buying Nigerian products. Effecting a change will however require not just tweeting with the #BuyNaijaToGrowTheNaira, you will need to purchase a made in Nigeria product. Next time you are in a shopping mall, consider who made what you are buying.
Contrary opinion? Drop your comments below.
Foreign investments dominate Nigerian startups | Newsbites
On March 25, 2021, Techpoint Africa will be hosting the brightest minds in decentralised finance/crypto at the Digital Currency Summit tagged “Building the money of the future” Click here for more details, registration and sponsorship. Location: Fourpoint by Sheraton, V.I. Lagos.
I love telling stories using text, pictures and videos. It’s all about the little details.