Written by Afam
For many Nigerians, politics is the same as profiteering. It serves no-one and nothing but itself. It is not a public service but a means to private wealth.
In February, crude oil prices had fallen by 75%. People in countries that didn’t depend on crude rejoiced. In Nigeria, black faces paled as they realized what it meant. Oil is responsible for 90% of Nigeria’s export earnings. When oil prices were high, they were supposed to have saved, and when not doing that, spending the funds in what they call the excess crude account wisely. They didn’t. When the big crash came, there was nothing to cling on to. The development projects it claimed to have funded had not yet provided any real reward. The savings it needed to weather the storm were inexistent.
With the declining foreign exchange and the lack of reserves the Central Bank had two options; it could make foreign currencies like the dollar more expensive (devalue the naira) or it could restrict the number of dollars that it sold. It chose to do the latter. People in desperate need of foreign exchange turned to the black market, sending the parallel exchange rate through the roof.
At one point, it seemed like the quickest way to make a quick buck would be to buy foreign exchange from the Central Bank and then sell it almost immediately on the black market. A senior banker at Standard Chartered said that he’d seen it happen. Unapologetically, the perpetrator performed the trade right outside the bank’s gates. He remarked that Nigerians didn’t give a damn about the crisis. I replied that it was to be expected because the country had not shown that it gave a damn about them. They do not work hard so that people in the power can pinch their supper. The people in power cannot expect that if given the opportunity the people would not do the same.
As Nigerians came to terms with the restrictions that only a declining economic outlook can bring, a hashtag popped up on twitter championed by Ben Murray-Bruce. #BuyNaijaToGrowTheNaira. Sometimes it was attached to rice that was browner than it was white, or leather slippers, or a car made by Innoson. The hashtag was part of Ben Murray-Bruce’s common sense rhetoric.
It took like fire to gunpowder. Now even when it is not trending, it is still trending. It garners at least a tweet an hour. Mr Murray-Bruce returns to it like clockwork. Yesterday, he asked, “What if instead of buying Italian shoes, we all bought made in Kano and Aba shoes, #WouldntNairaAppreciate? #BuyNaijaToGrowTheNaira.”
It is a lovely initiative, if it had been only Senator Murray-Bruce speaking about it, I would have applauded its brand of patriotism. Then again, it’s the same Murray- Bruce who didn’t find any Nigerian publisher worthy of publishing his book. However, it was co-opted by the likes of Bukola Saraki (the Senate President), who is currently being investigated by the Economic and Financial Crimes Commission of Nigeria for corruption. The moment he added his voice to the hashtag it seemed foolish. If corruption was at the source of our current hurdle, then why should I believe #BuyNaijaToGrowTheNaira when it was given wings by a senator besieged with allegations of corruption?
At no point did anyone assume responsibility for our now fragile economic state. It was as if it had happened overnight, with all the surprise and destruction that only a natural disaster can bring. And there they were asking us to buy Nigerian products to grow the falling Naira. Telling us that we should bear the brunt of their corruption. Offering no real solutions of their own.
If enough of us commit to buying Nigerian almost exclusively it will probably work. As our demand for dollar falls, the price of the naira will rise. Local businesses will have more income, and the effects of that will be seen everywhere in the country. But there is a problem with this. Our decision to buy Nigerian for the sake of the Naira would only enable their corruption. It would be a band aid slapped haphazardly on an life threatening wound because the real problem here isn’t the cheap Naira it is the government that let things get so bad. It’s also a cop out for manufacturers making substandard products.
Until that problem is solved, I will not participate any more than I have to. I will not do anything extra for their benefit. The Nigerian life is already too stressful for me to wonder or care whether or not my dedication to buying Innoson vehicles is doing the Naira any good. I will seize as much for myself as I can and find the best life that I can, because I cannot trust them with my dreams.
If you are in politics, I keep you paid by paying my taxes. If you want more from me than the money I give because it would be criminal to withhold it, then get off twitter and do your bloody job.