Very soon, Nigerian banks will have dorm accounts in Kenya Shillings and West African CFA franc which is used in many West Africa’s Francophone countries! Lol. Those currencies have outperformed the Naira.
In 2015, 1 CFA franc in Cotonou would have given you N0.25 (or 25 kobo); today, you will get N2.50. Good People, that is 10X appreciation over the Naira in less than ten years! Kenyan Shilling has delivered something closer.
Message: work hard to develop markets in other African economies as your Naira currency has weakened, delivering an ephemeral “advantage” on export. And when you see that man from Benin Republic, understand that he is well loaded because his currency has gained 10X on yours just as the American dollar has also done over the same period. Yes, you must develop these markets as they have real reasons to shopNigeria because things are now cheaper, for them, from Nigeria.
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Everyone is beating Nigeria, but Nigerians still think their country is the centre of the earth. This delusion makes it possible to create all kinds of excuses. If multinationals exit, it’s because they can no longer rip us or are unable to compete. If naira falls, it’s because Nigerians are in love with foreign products, they don’t want to consume local goods. You will hear similar mediocre excuses in every area the country underperforms. This is how poorly most people in this country were trained to think. They will always be ready to adjust and adapt to every nonsense, but never smart and bold enough to critically question things.
How much importation is too much importation? Nigerians are never going to tell you, because they have no regard to what actual data say, but have convinced themselves that they import so much, until you ask them to show the figures in relation to the population size; do not bother about comparison with countries of similar size.
It’s obvious that Nigeria has a high number of abnormal and strange people, the rulers aren’t different from the ordinary people, except you have not been paying attention. Every small country out there will still leave you all behind, while you blame everything else.