Nigerians Should De-Dollarise Economy, Embrace Locally Made Goods
Financial experts have explained that the way to sustain current foreign exchange efforts in the Nigerian economy is for the citizens and the President Bola Tinubu-led government to prioritise and use made-in-Nigeria goods as against foreign made goods.
Nigerians must seek an end to dollarising the economy, Nigeria spends about $40billion yearly importing foods, paying school fees, health care treatment among others abroad.
Olabode Afolayan, disclosed that to sustain the momentum, the citizens must cut their appetite for foreign made goods and also de-dollarise the economy.
“We need to have a change of mindset and be more patriotic. We need to buy more of home-made items than importation. Though the question of why people are not buying Nigerian made things is due to quality, we need to do what the Chinese did by going local.
Afolayan further stated that the government should encourage exports, saying the country exports must be more than importation.
He also urged the government to clamp down on Nigerians hoarding the dollars as their role seemed to be more powerful than what the government is doing to maintain momentum against the dollar.
“When they hoard, government should clamp down on them because government is doing everything to make naira appreciate by clearing the forex backlogs and clearing trapped funds of foreign airlines. I learnt the government cleared some of this outstanding hence the naira appreciated.
Showunmi who is a Capital Market Executive at Iron Global Markets Limited (a subsidiary of) Iron Capital an Africa, said for more Foreign Exchange inflow, the country must meet its OPEC quota of oil production.
“We need to know if we are producing the quota that is expected of us by OPEC and the reason we are not meeting the quota is not far-fetched, it’s because of vandalism, oil theft and all of that.
The government is doing a lot to mitigate that but they need to step up their game.