CBN monetary policy alone (without Diversifications and Import Substitutions) is insufficient to bring about the desired level of economic output growth needed to take Nigeria out of recession and poverty.
"Mr. David Ahmed Okoro started the day early, having set his alarm-clock (MADE IN FINLAND) for 6am.
While his teapot (MADE IN CHINA) was perking, he shaved with his clipper (MADE IN HONG KONG).
He put on his shirt (MADE IN THE UK), and designer jeans (MADE IN ITALY) and shoes (MADE IN THE USA).
After cooking his breakfast in his new electric cooker (MADE IN INDIA), he sat down with his calculator (MADE IN MEXICO) to see how much he could spend today.
After setting his wristwatch (MADE IN TAIWAN) to his radio (MADE IN VIETNAM) he got in his car (MADE IN GERMANY) filled with petrol imported from (SAUDI ARABIA) and continued his search for a good paying NIGERIAN job…
At the end of yet another discouraging and fruitless day, checking his computer (MADE IN MALAYSIA), David Ahmed Okoro decided to relax for a while.
He put on his slippers (MADE IN BRAZIL) poured himself a glass of wine (MADE IN SOUTH AFRICA), while fiddling with his mobile phone (MADE IN SOUTH KOREA), and then wondered why he cant find a good paying job in… NIGERIA.🤔
He turned on his TV (Made in Japan) and watched Nigerian minister for Agriculture speaking on how difficult is it for CBN to meet up the weekly forex demands to the tune of $2.5bn by Nigerians to import anything and everything amidst the scarce forex in Nigeria.
Mr. David Ahmed Okoro felt achy and sore in his left kneel, he decided to take two tablets of his TRAMADOL TABLETS (MADE IN BANGLADESH) to relieve the pain.
Lying down on his bed (made in UAE) and wondering why NIGERIAN External Foreign Reserve has depleted to under $26bn which has translated to free fall depreciation of Nigerian NAIRA to US DOLLAR at INTERBANK AND PARALLEL MARKET RATES…….🤔
In his kitchen, he has Rice (made in Thailand, Palm oil (made in Malaysia), Wheat Flour (made in Brazil), De-Rica Tomatoes Paste (Made in China) and Sugar cubes (made in Netherlands)."
Nigeria must produce In Nigeria what they consume, before any of the monetary policy of CBN can make sense!
Only MADE in NIGERIA goods and items can grow Nigeria economy and help create jobs for the millions of jobless Nigerians.
Any nation that import majorly foreign made goods rather than producing their own are hurting its people….
When we keep importing foreign made products into Nigeria, we keep importing poverty into our country and exporting jobs abroad… Until every family develops and owns an enterprise nothing will change in Nigeria no matter the Government in Power. So, what will you do today?
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By Francis Okumagba
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