In this piece, I made a case that Nigeria and the Central Bank of Nigeria are on autopilot waiting for that miraculous Dangote Refinery to save the Naira! You may not like the idea that a nation is waiting for one man or company for its currency revival.
Yes, Nigeria waits for Dangote because only him has a credible roadmap to change the economic trajectory of his nation. His position today is very vital and critical because he could be the only cousin to make Naira stronger. Naira looks as an orphan with no one helping it to compete globally. Dangote will come to assist it to find its space in the league of global currencies. Across human history, nations rise when pioneering entrepreneurs emerge. The moment of truth is here – and Naira needs pioneers in markets to save it from the ruins of the scale of Mexico, Venezuela, Argentina and even Zimbabwe, at different times of their histories.
A great point but read the latest on the GDP: “The oil refining sector contracted by -42.12 percent in the second quarter of 2022, compared with a contraction of -46.78 percent in the same period last year. The sector has also recorded a contraction of -44.26 percent in the first quarter of 2022.”
Simply, in the worst six performing sectors in Q2 2022 GDP, oil refining was severely bad, destroying the currency along the way! Atiku, Obi and Tinubu will continue to run the shows, but if the oil refining sector continues to show the abysmal numbers we are seeing, a political optical illusion may become evident.
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While you may not like it, asking why Dangote Refinery is not up and running may be a valid campaign question right now! Yes, who can help that company move faster? Indeed, if it is well with it, many things could get better, at least when it comes to the stability of Naira/USD exchange rate.
Relax and hold your emotions: the fact is this, someone needs to deal with our unfavourable balance of payment to help Naira. Today, Dangote Group holds the ace. And I want journalists to ask Atiku, Obi and Tinubu, what they could do where possible.
Comment on Feed
Comment: Thar refinery can become a reality in months if the Nigerian government will step aside and let the PRIVATE SECTOR function freely. KLEPTOCRACY is not a sustainable form of government.
My Response: Good point and that is why we need to ask “why is this refinery being severely delayed”. I am waiting for many people who are betting against the Naira to cry. But with this company yet to start operations, there is no way to actualize that.
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Everything seems fuzzy once Nigeria is involved, and Nigerians need someone who can tell them truths about the real state of things, and not political truths.
If something is taking longer time than expected, we need to know why that is the case and what is being done to correct the anomaly.
A country of this size and potential cannot just continue to appear toothless and inept at every turn, those who still have their faculties fully intact are beyond embarrassed.
Nigeria is not inventing or creating an industry that hasn’t existed anywhere else, so whenever we want to make excuses for our poor performances, let’s always bear this reality in mind.
Always fully animated politically, but near zero in deliverables.
That’s correct