Falling Naira… Complain or Invest?

Falling Naira… Complain or Invest?

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Living in Nigeria is hard, I am suffering the effects of the falling Naira on the parallel market as prices of goods and services have continue to rise. It continues to gets worse everyday and I tell you living in Nigeria just got tougher.  As if, it is not bad enough, the two biggest political parties have been throwing blame games and I wonder how that will save our Naira.

The simple reason why the Naira is falling is ‘NOBODY WANTS NIGERIA NOT EVEN NIGERIANS’.

I am not here to go into details of how we got here but to help us look at things differently. Everywhere I go, all I hear is complains with little or no solutions. Almost everyone I have spoken to about this issue keeps asking “Why are we not producing ordinary toothpick in Nigeria?” but non of them has written a business plan on the production of toothpicks in Nigeria. This makes me worry as I am 110% sure complaining don’t solve problems.

Falling Naira is a problem, we all must come together and do something about it. We cannot keep complaining and do nothing about it. In the spirit of doing something about it, I have decided to blog about it. I will not to go into details of what the government needs to do to save the Naira but will list something Nigerians can do to save the Naira.

  • Patronize Made in Nigeria: Nigerians need to understand the reason why we need to patronize ourselves. Let me try to explain with this simple example. If you own a barbing salon, majority of your customers will live in Nigeria, so if you don’t buy what Nigerians make, the less likely your customers can pay for a haircut. So look at it this way “Buying Nigeria makes Nigerians richer. Richer Nigerians means business growth“.
  • Talk about Solutions not Problems: I see this as one of the greatest challenges of Nigerians. I find it funny that most government workers go to work to talk Nigeria’s problems but never talk solutions. These are the closest people to the government and should only talk, think and make solutions. We all need to understand ‘For every problem, there is a solution‘. Talking problems leads nowhere but more problems.
  • Start or Support a Business: Nigeria needs to be self-sufficient before we can export. We need to reduce our importation and the only way to do this is to create businesses. If we have to stop importing toothpick we need to start producing toothpick. The economy looks scary but this is the best time to start a business in Nigeria.
  • Think Positive and Believe in Nigeria: This is the most important of all. We need to think positive. We need to believe in ourselves. I find it scary that an average Nigerian thinks negative first. A Nigerian will tell you 2 billion reasons why it won’t work forgetting that there are 10 billion reason why it will work. If we can switch our negativity to positivity, the world is ours.
  • Nigerians are Good People: I really wonder how we got this wrong. I wonder why we think Nigerians are bad people or fraudsters. It is no doubt that about 1% of Nigerians are bad but why should we allow the actions of 1% or less make us conclude that the remaining 99% are bad or fraudsters. We need to change our first impression from “First treat a Nigerian as fraud till proven otherwise” to “First treat a Nigerian as good till proven otherwise“.

I really love Nigeria and wish us the best. These are trying times but what we do now determines what we become. We cannot continue complaining and expect things to change, we need to take actions to save the Naira.

Please, feedback is welcomed. Thanks for reading.

 

4 Comments

  • Ayuba Isaac

    Nice one bro, we all need to understand that.

    February 20, 2016 at 10:27 am Reply
  • Obiki

    It’s truly disheartening how much we have fallen. But I strongly believe we can make through dedication 2 work and having a positive mindset. Good work bro, keep it up.

    February 20, 2016 at 10:48 am Reply
  • Kunle Abatan

    Thanks for this piece Jacob. I strongly believe in the first point you made above. We really need to start patronizing locally made products/services. Only then can the demand for the dollar reduce and thus strengthen the Naira. For business ideas, agriculture seems to be a great place to focus, I learned recently that just as the price of Crude oil has been falling, the price of Cocoa has been on a steady increase. This will be a great time to invest in agriculture as other export-ready produce grow pretty well in Nigeria. I am afraid this is not the end of it. The Naira will still fall further. But things will get better eventually. God bless Nigeria.

    February 23, 2016 at 9:00 am Reply
  • Wole

    Great write-up. Forward thinking and positive

    March 5, 2016 at 1:15 pm Reply
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