The Pressure On The Naira

tundeajala Finance , , ,

No doubt we need more houses in Nigeria. But our case is a case is… (I’m trying not be negative).

Do you know apart from the land, cement, and perhaps the paint, all or almost every other item used in finishing and furnishing homes, hospital or schools are imported?

The bulbs, sockets, tiles and all the electronics are all imported.

Because we have not developed ourselves, the more we crave for new schools and hospitals, the more pressure we put on the Naira.

Yes, and yes, there are some pharmacies in Nigeria I was told that don’t sell any made in Nigeria drugs – The Plus people.

The more our population grows, the more we need to cater for the growing population and the more the Naira will be devalued against the dollar. Saying the dollar will rise to N500 and to N1000 is not a bad prophecy. It is a statement of fact based on what is before us.

Guess another part? As your fellow Nigerians travel abroad to school, vacation and for medical check up because of the state of what is here, they compete to get the foreign currencies and alas, it adds to the pressure on the naira.

We have big problems in our hand. Successive governments have done little to address this, therefore the sojourn continues.

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