I love my country, and I'm proud to be a Nigerian irrespective of the economic situation. We got our independence on October 1st, 1960 when Sir James Robertson handed over to Dr. Nnamdi Azikiwe. Around 1980, the Nigerian economy was as fit as a fiddle and almost all the citizens are always on cloud nine because of the economic progress. Why such a boom in the economy? It was obvious
- We were a net exporter of refined petroleum products. We had refineries where crude oil is refined.
- We assemble cars in Nigeria. Peugeot and Volkswagen was the main brand. (company was in Lagos and Kaduna), and most of the components were produced in Nigeria as well.
- The Nigerian airway was intact. It was one of the biggest in Africa
- We had textile industries where clothes are produced, and we never import cotton.
- Most electronics we use were assembled in Nigeria
- Iron and steel industry was working 24/7
- Almost all the food we eat was grown in Nigeria.
This is only a short list of what we did during that era. We hardly import. We had enough and we still export to other countries. As of then, the Nigeria exchange rate to the dollar was
| Nigerian Naira | US Dollar | Year |
|---|---|---|
| #1 | $0.63 | 1974 |
| #1 | $0.616 | 1975 |
| #1 | $0.62 | 1976 |
| #1 | $0.647 | 1977 |
| #1 | 0.606 | 1978 |
| #1 | $0.596 | 1979 |
| #1 | $0.550 | 1980 |
| #1 | $0.60 | 1981 |
| #1 | $0.673 | 1982 |
| #1 | $0.72 | 1983 |
| #1 | $0.76 | 1984 |
| #1 | $0.894 | 1985 |
When Gen Ibrahim Babangida took over the presidency in 1985, he accepted the introduction of the second tier-foreign exchange market in other to find a market rate for Naira instead of the government pegging one naira to 99 cents. This made the naira to dollar exchange escalate as the market force began to determine the exchange rate. Gen Babangida left the seat leaving the exchange rate at #17 per dollar
The industrialization started getting worse. Gen sani Abacha succeeded Gen Babangida and that thief looted almost all the Nigerian fortune (Billions of dollars) and saved it in a bank at Switzerland, US and UK. He was named as one of the most avaricious kleptocrats in Africa. His regime was seen as a criminal syndicate, and he himself was a notorious autocrat that fumbbled with human right to the brim
Many of our industries were grounded. Exporter of refined oil now send crude oil to other countries to be refined. All the agricultural produce (cocoa, Rubber, cotton, groundnut and so on) we export are no more in place
We import almost everything
The exchange rate is at the moment fluctuating between 570 and 590 per dollar. Within the period Presiden Mohammodu Buhari took over, goods/ commodities has doubled in price, and there's no increase in minimum wage. Things are getting worse in Nigeria
With the way things has been moving in the country, life has been like a fish out of the water for many. Sometimes, I give the cold shoulder when I see some calls, not because I really want to
The country has made us missed the boat. If we had good leaders, we should have been at the best of both worlds. Thanks to hive for coming to our rescue. It has helped ease financial burden in many ways
Will the Nigerian economy change for good?
Can we go back to 1 naria to 60 cent exchange rate 😂. It sounds funny and impossible. It's just painful. How I wish we have someone like JJ Rawlings. If the same circle of leaders that ruled in the 70s are still in power, Nigeria can never get back on its feet
Thanks for reading
This is ckole the laughing gas
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