I was in Nigeria last year and ordered some food. The fish in the dish (I don’t eat red meat) got stuck in my teeth, and I asked for a toothpick. They brought me a case of picks, and when I turned it over, I saw ‘Made in China’. We do not have to manufacture jets and rockets. But, we must start from somewhere. And I am more than convinced that we can manufacture toothpicks in Nigeria.
Now, the Naira is floated. And it is only our collective consumption habits that can make the Naira rise. Nigerians, especially Southerners, unfortunately, have a lot of ‘sense’. When you tell them the truth about the connection between balance of trade and the value of your currency, many of our people will try to use ‘sense’ to counter you.
There is a Bank known as the Bank for International Settlements. It is based in Basel, Switzerland. Its only customers are Central Banks of countries around the world. For most foreign goods and services that you import into your country, you have to settle the originating country in their currency.
So, for example, if you are one of the 130 million Nigerians spending the Naira equivalent of $20 million a day on Airtel and MTN, that money must be paid to South Africa and India in hard currency. It makes no difference if you buy your Airtel or MTN data in Naira. But of course, if you patronise Glo, your money stays in Nigeria and props up the value of the Naira. This is why I have been calling on my countrymen and women to use Glo, eat Dangote and drive Innoson.
Look, even if the Naira is ₦1,000,000 to $1, I will not feel it. You are probably reading this on X (formerly Twitter). On this platform alone, I have over a thousand subscribers. The cost of subscribing to me is $5. Do the maths of how much I earn from X, not even counting my Ads revenue. Nobody or an institution in Nigeria has as many paid subscribers as I do. Because I teach people how to make money on stocks, cryptos, mutual funds, NFTs, ETFs, REITS, real estate, forex, etc. And it is VERY public knowledge that my subscribers are making big money.
My only motive for pushing a buy Nigerian campaign is patriotism. Some people are saying I want a job from Tinubu. I think there is an investigative journalist who hates my guts. I am sure he can use his brilliant investigative skills to expose my federal tax returns. How on Earth does anybody think that I will leave my present life of enjoying and junketing from one country to the other to sit down in one office in Nigeria?
Former President Jonathan is still alive. Please verify him. When I was offered an appointment from California in 2011, my only condition was that I must be allowed to travel to the U.S. to spend at least one weekend with my children every month (Presidential aides cannot travel without the permission of the President).
I am not doing this for me. I am doing it for Nigeria. We must patronise made in Nigeria or say bye to the Naira. And I lead by example. My wardrobe has been overhauled and is now full of aso oke from Ibadan, walking sticks made with Sapele timber, caps hand woven in Borno, and shoes handmade in Aba.
Some people attack me for celebrating my fiftieth birthday in Kenya. Look, we were to do it at Obudu, in Cross River. However, some of my family members were jittery due to the death threats made by people of a certain political movement against my family and I, and it would have been selfish to downplay their concerns. Especially when there are minors involved.
But as long as we still pick our teeth with made-in-China toothpicks, it will be hard for the Naira to appreciate.
Reno Omokri
