google-site-verification: googlef8a55c976819afbd.html BITTER BUT TRUE ON NIGERIA FOREX - Soji Graphics


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Thursday, February 25, 2016


Mr. Godwin Emefiele’s Report:
“It is either I do not understand
economics and how exchange
rates work or a vast majority of
us Nigerians still don’t get how
we have wrecked our country

with our own curious choices.
Just this morning, I was listening
to the radio and the lady on air
went on and on about how she
thought CBN governor, Godwin
Emefiele was incompetent and
should be sacked because the
Naira was now exchanging at
309 or so to the USD.
“That view pretty much echoes
the sentiments expressed by
many people I know and it
amazes me that there are
Nigerians who actually think
there is some magic POLICY that
can make the Naira strong in the
near term. If my economics and
my understanding of the way the
world works are right, then that is
as far from the truth as Jesus
Christ is black.
“The simple fact of the matter is
that apart from oil that accounts
for over 90% of our revenues, we
really don’t have much of an
economy. We hardly produce
anything, we import even
toothpicks, so exactly what
policy is going to be implemented
that will turn Nigeria into a top
exporting economy in the near
term? Where are our Apples,
IBMs, Disneys, GMs, General
Electrics, Coca Colas, Empire
State buildings, Statues of
Liberties, Lockheeds, Citibanks,
JP Morgans, ExxonMobils, NBAs,
Super Bowls etc? Let me bring
that closer home.
“There was a time long ago when
Nigeria had a truly strong
economy and the naira was one
to the dollar – even exchanged
for higher than the USD, but that
Nigeria is not this Nigeria. Sadly
that Nigeria was laid by the
British, and this Nigeria (if you
don’t believe in the nonsensical
imperialist conspiracies like me)
– fueled by the DAMAGING
Indigenization Decree, has been
the creation of us Nigerians.
Back then we had a booming
We were either the top, or among
the top exporters, of timbre,
cocoa, groundnuts, rubber, palm
oil, etc, in the world. Nigerians
not only holidayed at home in
their villages, at Yankari Games
Reserve, at Obudu Cattle Ranch,
at Oguta Lake, at Ikogosi
springs, at Gurara Falls, at
Mambilla Platueau, etc, we
attracted international tourists
who brought in loads of foreign
exchange. Even Nigerian schools
were foreign exchange earners
because they attracted foreign
“We had different car assembly
plants – Peugeot, Volkswagen,
Anamco etc. Nigerian
government officials only bought
vehicles assembled in Nigeria for
official cars. We had a thriving
sports industry. We were not Man
United or Chelsea fans, we were
Rangers or IICC fans. We had the
Nduka Odizors, people made
money from sports. We also had
companies like Lennards and
Bata producing school shoes in
their thousands, we had the
thriving Nigerian Airways and the
Aviation School in the north that
produced some of the best pilots
in the world.
In those days if you were brilliant
you were respected much more
than the crass money-miss-road
contractors of today. Most of the
Aje Butters I knew had fathers
who were university dons. Back
then it meant something to ‘know
book’. Our textile industry was
alive and well. Just recently I
watched a news report on the
textile industry in Nigeria on
CCTV News. Though the main
focus was on the comatose
status of the industry, I was
stunned by the gigantic Kaduna
Textile Mill built in 1957. I could
go on and on.
“Today however, no thanks to our
parents (and we must call them
out the way Wole Soyinka did his
generation) and many of us (and
we should be remembered for
failing our children if we continue
like this), we have destroyed
everything. Today for instance
Nigerian football (which comes
easy to me obviously) doesn’t
appeal to us, we have to fly
across thousands of miles to
watch ‘our’ clubs play. Every year
we collectively burn billions of
Naira being fans of clubs that
give us nothing back, but some
‘entertainment value’ – simple
pleasures for which we are ready
to destroy the future of our
“Well people, payback time is
here. Even with our ta-she-re
money we all want to wear
designer clothes and carry
designer bags, Armani, Givenchy,
Louis Vuitton etc. We all want to
drive jeeps with American specs,
our children must now school
overseas and acquire the
necessary accents to come back
home and bamboozle their ‘bush
and crass’ contemporaries that
they left behind. Who holidays in
Nigeria anymore, is there
Disneyland here? No one buys
made-in-Nigeria school bags for
their children, after all no
Superman or Incredible Hulk or
Cinderella on them.
“We are no longer top exporters
of anything and the demise of oil
means we have zilch… zero. A
country of 170M fashion-
conscious people has no textile
industry. We take delight in
showing how our made-in-
Switzerland Aso Ebi is different
class to everyone else’s. When
we help our musicians grow and
pay them millions, they repay us
by immediately shipping the
monies overseas to produce their
“i-don-dey-different-level” music
videos. It makes no difference
that distinctly Zulu dancers are
dancing to a Nigerian highlife
“As stars concerned they also
wed and holiday overseas to
impress us all. All the musicians
who acknowledge their Ajegunle
roots now speak in a cocktail of
strange accents to symbolise
how much they have blown their
monies overseas. Were we a
more serious people, the highly
popular Kingsway Stores of the
past would probably have a
thousand outlets pan Nigeria
today supporting a massive
agriculture industry among
others, but today we have the
likes of SPAR, Shoprite,
dominating the retail industry
while Kingsway is dead.
“And we Nigerians make it a
special point to shop from the
Oyinbos who have ‘cleaner
shops’, ‘better this and better
that’. For our personal pleasure
we don’t mind them dominating
us in our own backyard and
shipping proceeds overseas. I
could go on and on, but I don
tire. Even as you are reading this,
stop for a moment and look
around you. What you see will
probably explain why we are
lucky it is not N1000 to the USD
yet. And don’t think for a
moment that it cannot get there.
“Just continue to wear your
Armani gear and Swiss-made
lace, continue to spend your
money on Man United, Arsenal,
Chelsea and Barca and
encourage your children to do
same. (My article tomorrow in
my Saturday column in This Day
is on the Nigerian champions
Enyimba FC – Nigeria’s most
successful club – not having a
sponsor, yet Nigerian brands pay
over N600m to Man United and
Arsenal for sponsorship to
impress us.) Ehhh, no problem,
continue to tell me the NPFL is
rubbish or the clubs should clean
up their act if they want
sponsorship, mo gbo .
“Don’t curtail your interest in
choice wines ( we were the
number one champagne
consumers in the world in 2015),
continue to love your American
specs, cheer the education
ministry for letting schools sink
to pitiable levels, don’t fight them
to improve our schools, don’t
chide them for letting schools
drop Nigerian history and
embrace British, America and
whatever else curricular.
“Carry on with your love of
French wines and Chinese silk,
don’t bother about Jamiu Alli
when there is Roger Federer.
Stock up on your Italian,
American, British products which
you cannot live without, including
the ‘baby soft’ toilet rolls
produced only in that small
unique village in England – the
days are long gone since you
were a broke student who used
wet newspapers to wipe your
“Don’t even consider holidaying
in Nigeria, it’s too dangerous –
you have to fulfill your dream of
being Nigeria’s Henry Ford. Don’t
listen to people like me who have
a wardrobe full of only cheap
adire that is actually cheaper
than just one of your Tom Ford
blazers. Please keep dressing in
fine silk made in some exotic
place so you can be addressed
“Finally keep letting corrupt
leaders who have looted your
commonwealth and shipped all
the monies overseas get away
because to attack them does not
fit your political narrative. Let us
continue with the fine life, let us
all continue to work for Oyinbo.
But don’t forget that there is
payback time and Emefiele is not
your problem. Time for us all to
look in the mirror and take

Lets all support Agatus and Nigerians, against Fulani marauders. Let us #boycottbeefmeat# and see what become of them and their cows.
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