By Muhammadu Sabiu
Reno Omokri, a former spokesperson for President Goodluck Jonathan, raised concerns over the depreciating value of the Nigerian Naira.
The Naira has reached an unprecedented low of ₦950 to $1, prompting discussions about its decline and potential remedies.
Omokri highlights the role of data consumption provided by foreign telecom giants MTN, Airtel, and Etisalat (now 9Mobile) in contributing to the Naira’s devaluation.
He points out that a significant portion of Nigeria’s population, around 65%, uses these foreign-owned networks, potentially leading to the outflow of capital from the country.
One of the key contributors to the Naira’s depreciation, as noted by Omokri, is the repatriation of over $8 billion annually by foreign companies from Nigeria to their home countries.
This capital flight significantly impacts Nigeria’s foreign exchange reserves and further weakens the Naira’s position.
Omokri also highlights the potential of domestic industries like Innoson Motors, a local automaker that produces affordable and aesthetically pleasing vehicles.
However, despite the availability of such quality options, the majority of Nigerians still opt for foreign-made cars. He suggests that government policies should promote the use of domestically manufactured goods, such as Innoson vehicles, by making it illegal for government entities to purchase foreign alternatives.
Additionally, Omokri proposes that government buildings in Nigeria should exclusively use locally produced materials, such as Dangote or Ibeto cement, to boost local industries and reduce reliance on imported products.
He emphasises that by embracing homegrown alternatives, even if they are not of identical quality, the Naira’s value could be restored.
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