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Saturday, June 22, 2024

Why Naira devaluation good for Nigeria by Reno Omokri

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Reno Omokri, a presidential aide to former President Goodluck Jonathan has stated the importance of Naira devaluation and urged Nigerians to be patient and be part of Nigeria’s grass to grace story.

AFRIPOST recalls that the current administration of President Bola Tinubu, in it’s monetary policies, devalued the country’s currency.

Omokri said in a tweet on Wednesday, “Devaluation reduces imports and drives exports. It will reduce our sovereign debt and also make citizens look inward and ignite their creativity. Instead of custard, and Quaker oats, drink akamu, pap, and ogi. If bread is too expensive because of imported wheat, have acara for breakfast.

“This devaluation should push you to leave Philips iron and go for Igbo made. It is now that Nigeria will begin to appreciate the technological brilliance of our Igbo brothers. Leave Spanish shoes and buy Kano and Aba-made ones.

“And we will be forced to stop eating kpomo and start exporting it to Italy so that Milan-based designers can use them for jackets, bags, and shoes. We must grow more cassava to meet China’s insatiable demand for that product.

“Japan has one of the most devalued currencies on Earth. That is one of the reasons you see made in Japan products everywhere. Vietnam studied what Japan did and let its currency float to the US Dollar at the rate of 22,650 Vietnamese Dong to $1, and exports took off, rising by 10.6% in 2022 alone. Is Naira at that level? No!

“Nigeria has a trade deficit, and this devaluation will help close it. As a country and as citizens, we must stop thinking only about today and think more of the future. Be patriotic. Be patient. Be part of Nigeria’s grass to grace story.”

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