Ever since the Nigerian currency, the naira entered into a tail-spin, performing woefully against other currencies, there has been an outpouring of concern by disillusioned citizens. Perhaps because of the high prevalence of poison in contemporary politics in the country, all manner of weird suggestions, including the hare-brained, have been thrown onto the table for discussions. And one of such hare-brained recommendations that have not only heightened exasperation among the informed but only exposed the shocking degree of ignorance of their proponents has been the tendency to blame the Governor of the Central Bank of Nigeria (CBN),, Mr Godwin Emefiele responsible for the woeful performance of the naira currently.
This argument is not only hare-brained but reflective of the tear-jerking ignorance that inspires its protagonists. For starters, elementary economics tells us that the value of any currency, its intrinsic strength, is determined by a predictable composite, one of the most critical of which is the aggregate contribution of economic production to the gross domestic product of such an economy. For a mono- product economy like Nigeria which depends almost solely on crude for survival and foreign exchange, this scenario, in itself, is well-defined for economic disaster which is exactly what is playing out.
Rather than waste precious energy in dramatizing ignorance of basic economic principles, protagonists of trending politics that is dripping with poison and vendetta should concern themselves with questions like why it has remained convenient for the Federal Government to continue to grant import waivers for items as basic and ridiculous as tooth picks and bottled water among others that profile the vanity of a lazy middle class.
Rather than review the quantum of rudderless economic policies which precipitated the exodus of manufacturing companies from Nigeria to neighbouring countries, these apostles of the trending politics of poison and vendetta seem determined to tackle the same person who has been battling, most valiantly, to manage the consequences of riotous politicking by the government.
Like former Akwa Ibom State governor and Senate Minority Leader, Chief Godswill Akpabio who is yet to be credited with the genius of designing the socio-economic renaissance of that state with his revolutionary free and compulsory education programme because of the trending politics of vendetta, Emefiele has also been suggested for needless sacrifice , perhaps to whet the enormous capacity for mischief by these hidden persuaders who appear bent on derailing the change proposition by Presient Muhammadu Buhari.
Suddenly, it is so politically convenient to ignore the tested economic fact that any country which does not produce any thing has no reason to be alarmed if its currency inevitably slides into danger as the naira is currently doing. Besides operating an economy which is insatiable in terms of capacity to gulp down every junk brought from abroad which is sufficient reason to kill the naira, the ill-advised resolve by principal actors in this government to disparage the immediate political dispensation has, ironically, combined with other factors to intensify international dismay with and suspicion for the country’s economy.
The consensus among those informed in economic matters is that the battering the naira is enduring amounts to consequence of not only poor economic policies but also involuntary de-marketing of the country’s economy by those who pretend that corruption is the greatest challenge to the country. Did the managers and orchestrators of the trending and rowdy orchestra of anti-corruption seriously expect international confidence in the country’s economy after key actors, including the president, render uncomplimentary testimonies against the economy?
Even if the naira succeeded in hoodwinking the world to maintain a semblance of stability, how could we have expected a non-producing economy to behave other than reflect its true economic worth? For God’s sake, Emefiele should not be made a scapegoat in a political conspiracy that he had no hand in.
Every nation’s currency is a reflection of certain basic economic composites, especially sectoral contribution to the Gross Domestic Product (GDP). It is like a system where a unit can not run faster than the whole. Because the rest of the country was in a hurry to rape the ‘conquered’ territory of Biafra and outlying regions, every one abandoned what they knew best how to do to bring food to the table and now that the oil bubble has burst, the hilarity in this foolishness has suddenly become dramatic, with most state governments unable to pay workers salaries. Only diversification of the economy can save Nigeria.
Those clamouring for the removal of Emefiele as CBN Governor because of the free-fall of the Nigeria are victims of spectacular ignorance. The dynamics to achieve a stable and strong currency, unfortunately, can not be fabricated even in the laboratory of poisoned politics. The naira is a reflection of our true worth as a nation.
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