In a series of tweets today, renowned political commentator, Reno Omokri, highlighted the imperative role of supporting locally-made goods and services in reviving the Nigerian economy amidst the current exchange rate challenges.
With the naira now valued at ₦1,348 to the dollar, Omokri debunked the notion of blaming individuals like Tinubu for the currency’s depreciation, emphasizing that the naira’s value is determined by the laws of demand and supply due to its floating status.
Mr Reno underscored the shift from government-set naira values, noting that all major presidential candidates with the exception of Kwankwaso, had endorsed this economic approach.
To bolster the naira, Reno Omokri urged citizens to actively engage in the patronage of locally-produced goods and services.
He however drew attention to the significant foreign currency spent daily on services provided by international companies such as MTN and Airtel, estimating the collective expenditure at $20 million.
Omokri pointed out that this considerable outflow of funds hinders the naira’s appreciation. He emphasized the role of individual choices in influencing the currency’s fate, comparing it to a scenario where sending money to other countries results in a familiar resemblance between one’s child and the neighbor.
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The political commentator called out the prevalent preference for foreign telecommunications services and internet data, urging Nigerians to consider using domestic providers like Glo. Reno Omokri highlighted the direct correlation between consumption habits and the currency’s value, urging citizens to grasp the cause-and-effect relationship.
Omokri lastly pointed out the lack of reciprocal trade among Nigeria, South Africa, and India. Thus, he emphasized the need for a collective effort to prioritize domestic products.
He challenged the prevailing consumer choices, suggesting that supporting local industries could contribute significantly to the appreciation of the naira.
