The exchange rate stands at $1 = ₦1505, £1 = ₦1917, and €1 = ₦1631 (Google Search) as at today. But have you ever wondered what led to this economic downturn? Let’s take a trip down memory lane to 1980, when Nigeria was a productive nation.
In April 1981, the exchange rate was $1 = 0.61k. Yes, you read that right! Nigeria was a net exporter of refined petroleum products, and we rode in locally assembled cars, buses, and trucks. We produced our own agricultural tractors, vehicle seats, batteries, windshields, brake pads, and discs. We even produced our own tyres from rubber plantations in Ogun, Bendel, and Rivers State.
We were self-sufficient in many areas, including textiles, pipes, cables, and electrical fittings. Our water ran through pipes produced in Kano and Lagos, and our toilets were fitted with WC produced in Kano and Abeokuta. We cooked with LPG gas stored in gas cylinders produced in Ibadan. Our electricity flowed through cables produced in Ibadan, Kaduna, and Lagos.
We had a thriving shoe industry, with Bata and Lennards Stores producing shoes from locally tanned leather in Kaduna. Our national airline, Nigeria Airways, was one of the biggest in Africa, flying to most places in the world. Most of the food we ate was grown or produced in Nigeria.
Fast forward to today, and we import almost everything. This is the root cause of our terrible exchange rate and economic woes. It’s time to take responsibility and reverse this trend. We must ask ourselves: what are we producing now? What role are our leaders playing?
It’s time for a reset. Let’s go back to farming, no matter how small. Let’s produce what we need locally. Enough is enough! Nigerians, especially the youth, have a critical role to play in fixing Nigeria. Let’s rise to the challenge and rebuild our nation.
Babatunde A.
LV