Nigeria President Muhammadu Buhari being swore in for the second term on May 29, 2019
Of course, here are the aftermath of this outrageous rate of exchange
We should not be astonished that in 1980, we were far more productive in many directions than we are today for a number of reasons
In the 80s the key reasons for economic growth were as follows:
🌀We were a net exporter of refined petroleum products. Today we import refined petroleum products.
🌀 In those years under review, we drove vehicles that were locally assembled – cars, buses and trucks. Peugeot was in Kaduna, Volkswagen beetle car was in Lagos.
Leyland in Ibadan. Of course, ANAMCO produced buses and trucks from their Enugu plant.
Steyr was in Bauchi produced Agricultural tractors.
These vehicles cum truck plants had an integrated foundry and heat treatment workshops that produced simple spare parts and other relevant components.
🌀 Vono products in Lagos producing the seats and foams.
🌀 Ibadan was home to Exide battery, producing batteries, not only for the Nigerian market but for other West African countries.
🌀 Oluyole in Ibadan was home to Isoglass and TSG for the production of windshields.
🌀 Still in Ibadan – home to Ferodo manufacturers of brake pads and discs
🌀 Lagos was home to Dunlop tyres and Mitchelin in Portharcourt.
The raw materials for the production of these tyres were gotten from rubber plants largely in the present Delta, Edo and Rivers States.
🌀Sanya Electronics was located along Iwo to Challenge expressway in Ibadan. We were proud to listen to radio & television sets assembled in Ibadan.
🌀 For cooling systems, be it refrigerators, freezers and airconditioners, it was Thermocool.
🌀 Kaduna was home to UNTL textile and Chellarams in Lagos.
The cutton used to produce textile materials were locally produced in the North, ie, Kano and other places.
🌀Kano was home to the groundnut pyramid for export and local consumption.
🌀 Ijebu-Igbo was home to quality lace production for local use and export.
🌀 Kano was home to Kwalipipe that produced all kinds of water pipes for industrial, commercial and domestic need.
🌀 Abeokuta and Kano were homes for the production of all kinds of toilet (water closet) & fittings.
🌀 Factories that produced flours for bread and other confectioneries were based in Lagos, Ibadan, Kano.
🌀Kano was home to leathers (hide and skin) for the producting quality shoes in Nigeria, and for export.
🌀 Cooking gas plant (LPG gas stored inside gas cylinders) produced at the NGC factory in Basorun area of Ibadan.
🌀 For durable electrical properties such as Electrical cables, (wire & cable plant located at Apata, along Abeouta road in Ibadan); Kablemetal in Lagos and Portharcourt.
🌀 We had Bata and Lennards shoe manufacturing companies essentially based in Lagos and Benin city. The raw materials, (especially the tanned leathers in Kaduna) for the production of these superior shoes were sourced in Nigeria and exported too.
🌀 Nigerian government had an airline called Nigeria Airways with headquarters in Ikeja, Lagos and offices in most capitals. Its domestic routes were to Kano, Kaduna, Portharcourt, Ibadan. Its network extended to Algeria, Dakar, Ghana, Senagal, Cameroun, etc. On the international routes, Nigeria Airways flew into world capitals such as Heathrow in London; to Washington; New York, Atlanta Georgia; Frankfurt; Italy; Geneva. At the time Group Captain Bernard Beffa, took over as Managing Director of Nigeria Airways around January 1984, the airline had over 14 aircrafts, including A310 regarded as a supersonic Jetbird in the air. Later it opened up to other States’ capital. At that time Nigerians proudly patronised Nigeria Airways to most places in the world.
Needless to say Nigeria Airways was about the biggest airline in the African region at that time.
🌀 Virtually every food, every family ate at the time were grown in Nigeria. I can’t forget our morning breakfast of cornflakes produced in Jos.
🌀 There were “lunch-voucher” and “fuel-voucher” as a compensation or incentives to employees of “blue-chip” companies.
🌀 There was “Elephant” cement in Ewekero in Ogun State. That giant cement production company satisfied almost 80% need of cement in Nigeria and exported to other parts of West Africa.
The list is long indeed but permit me to stop here.
Most of those companies itemised above, except motor companies, airways, cement company, had little or no demand for foreign currency.
Today, sadly, the reverse is the case. There is so much demand and pressure for foreign currency for every conceivable items, including as tittle item as “tooth pick”.
We, both the government and citizens, must agree to postively redefine the present ugly trend. Reduce our taste for foreign consumption and increase our taste for local consumption. With that the pressure on dollar will drastically drop. Dollar may then be exchanging for N50 to $1. Vibrancy will return to the employment market. There will be jobs for our youths. Robbery, banditary, kidnapping and other social vices will drastically drop. In fact, the high incidences of stroke and BP will crash. Am l dreaming? Certainly not. It is not a dream. It is realisable. It is do-able. The governments at all levels need to apply the political will without looking back.
Good evening house
Bernard Balogun writes from Abuja
