WorldStage Newsonline– One of the key players in finance, oil/gas sectors and public analyst, Mr. Adebamiwa Gbenga Michael, has counseled Nigerians that unless they embrace the culture of appetite for home made products the wish for the naira to gain strength against the major currencies of the world will only be a pipe dream.
Adebamiwa a statement gave an analogy of how the naira plunged by consider the life of a typical middle-class Nigerian whom he said “wakes up to an alarm clock made in China, pulls back bed-sheets woven in India, and slips into clothes stitched in Bangladesh. His shoes are Italian, his orange juice Spanish, his coffee Brazilian, and the milk that whitens it comes from Denmark. By the time he has left his house, the naira has already been quietly weakened by his choices.”
He stated that the cycle continues throughout the day as “he drives a Japanese car to a French-owned filling station to buy fuel partly imported from Europe. He checks his Korean-designed smartphone, assembled in Taiwan, and pays for data from a South African telecom company.
“At work, he drinks American sodas, smokes American cigarettes, and eats rice shipped in from Thailand. By evening, he is sipping Italian wine while watching South African television. At no point has he touched, purchased, or consumed anything truly made in Nigeria.”
Adebamiwa asserted that this is not merely a lifestyle issue but an economic tragedy as every foreign good bought is a direct withdrawal from Nigeria’s foreign reserves.
He maintained that every preference for imports over local products is a silent vote against the naira and that every dismissal of Nigerian-made goods as “inferior” is a death sentence for Nigerian industries.
And when industries die, he noted, jobs vanish, productivity declines, and the economy weakens further bringing the end result of desperate scramble for dollars to pay for imports while the naira sinks deeper into irrelevance.
According to him, the Nigerian naira today stands as a symbol of a nation caught in the web of dependency, with every week bringing new headlines about its free fall against the dollar, euro, or pound.
Observing that governments rise and fall promising reforms, Central Bank officials announce new policies, yet, he said, the story remains the same, the naira is weak, and Nigerians are frustrated.
He declared the hard truth is that no amount of monetary policy would save the naira if Nigerians themselves do not change the way they live, spend, and consume.
“We must confront a bitter truth, no nation in history has built a strong currency on the foundation of imports. The United States built the dollar by producing and consuming American goods. China elevated the yuan by making its industries the factory of the world and demanding loyalty at home.
South Africa maintains the rand’s relevance because South Africans sustain their own industries. Nations rise not by importing endlessly, but by producing and consuming locally, exporting strategically, and believing in the value of their own labor,” he stated.
For Nigeria, the public analyst said the way forward is not mysterious. “It begins with patriotism in consumption. Nigerians must eat Nigerian rice, wear Nigerian fabrics, drive Nigerian-assembled vehicles, drink Nigerian juices, and embrace Nigerian entertainment.
“This is not to suggest blind loyalty to mediocrity. Rather, it is a call for a cultural and economic shift where citizens both demand quality from local producers and, at the same time, give them the patronage and support they need to grow.”
But citizens cannot walk this path alone. Government must play its part by creating the right environment for local industries to thrive. Reliable electricity, better infrastructure, access to credit, fair taxation, and protection against dumping of substandard imports are all essential. The government must also lead by example, ensuring ministries, departments, and agencies prioritize local procurement. A country cannot preach “Buy Nigerian” while its leaders wine, dine, and dress in foreign luxury.
While not holding the citizens alone for the problem of weak naira, he equally called on the Nigerian private sector to rise to the occasion, advising that manufacturers and entrepreneurs must invest in quality, branding, and innovation.
“If Nigerians are to trust local products, producers must prove that “Made in Nigeria” is synonymous with value, reliability, and pride. Excellence must replace excuses,” he counselled.
Ultimately, however, he impressed that the destiny of the naira lies in the pockets of ordinary Nigerians, arguing that every time a citizen chooses Nigerian rice over imported rice, a Nigerian job is saved.
“Every time a local garment is worn instead of a foreign one, an industry breathes. Every kobo spent on Nigerian goods strengthens the naira because it circulates within the economy instead of bleeding out into another nation’s reserves,” he further enlightened.
He argued that unless this shift happens, it would indeed take nothing short of magic for the naira to stabilize. “But magic is not what nations are built on. Nations are built on discipline, sacrifice, and belief in self. The day Nigerians decide to truly go local in what we eat, wear, drive, and consume is the day the naira will begin its journey to recovery,” Adebamiwa assured.
He reminded that the naira’s strength is not in Abuja’s Central Bank alonebut in the markets of Lagos, the rice farms of Kebbi, the textile mills of Kano, the assembly plants of Lagos and Anambra, the creative hubs of Nollywood, and in the choices we make daily.
“The future of the naira is in our hands. And if we do not rise to defend it, then no government, no policy, and no amount of prayers can save it,” he declared.
