A car made in Nigeria by Innoson vehicles manufacturing
It is no news that Nigeria is facing a very difficult time economy-wise, even as the naira continues on an unsteady downward-upward movement.
The unguarded rise-and-fall of the naira is a frightening development that calls for urgent attention, and there are fears that even the government is at a loss regarding what should be done to save the Nigerian economy.
It is speculated that as of Wednesday, Feb. 24, the exchange rate on the parallel market was N305, a huge leap from an all-time low of N400, and some relief from fears raised by speculators that the naira could fall as low as N500 to a dollar.
However, it is not yet celebration time, especially when one remembers that there was a time in history when the naira and the dollar stood at par. This history, experts say, can repeat itself or come very close to being repeated if Nigerians as a whole will take some steps in the right direction.
One of such proffered steps is to #BuyNaijaToGrowTheNaira. This project falls under the initiative of diversifying the economy. Experts say it is time to diversify the economy, meaning Nigeria must generate revenue from other sources aside that obtained from crude.
According to analysts, the appetite for foreign things is one of the problems bedeviling Nigeria’s economy. Hence Nigerians need to curb their appetite for foreign products.
A call has been made for the Nigerian people to buy made-in-Nigeria products. Below are five very pertinent reasons why every Nigerian must key into this project.
1. Stimulation of the local economy
Experts say all economic growths start at the community level. According to the Economic Developer, it is local decisions, visionary local economic development policies and the creation of a competitive local business climate that drives investment. So with little fanfare, the nation’s several thousand farmers, traders and local manufacturers can grow jobs and strengthen local and regional economies.
With a rise in demand for local foods, clothes and other products, shoppers will seek relationships with these local producers, a partnership that leads to endless possibilities, bolstering local economies in communities of variant sizes.
2. Job security
Nigeria has been described as a nation that produces hundreds of thousands of graduates, only to have them roam the streets. The reason is not far-fetched; virtually every graduate in Nigeria has their minds on the banks, telecom organizations, and of course the highly enticing oil sector. However, we have seen that not everyone will get employed in these industries, and while the teeming Nigeria youths have their minds on these major sectors, other very lucrative industries lay fallow.
3. Local businesses give back
If the local business is thriving then the nation at large will definitely benefit. With an increase in production and an equal rise in demand for locally produced goods, then the issue of tax would not be a problem. And with a quantum increase in the payment of taxes, then the government can carry out other necessary projects.
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