By Magnus Onyibe
It is human nature to choose the least option of resistance when faced with
tough decisions.
That perhaps explains why government’s reaction to the current foreign exchange, fx, squeeze, arising from recent drastic drop in international oil price – from whichNigeria
earns approximately 90% of fx – is to ban allocation of fx for purchase of some
items considered not essential.
That perhaps explains why government’s reaction to the current foreign exchange, fx, squeeze, arising from recent drastic drop in international oil price – from which
*President Buhari |
The barring of 41 items such as tooth picks and candle wax from
official allocation of fx is justified by the fact that such items could be
sourced locally, especially since they are simple items requiring no extra
ordinary skills or technology to produce.
However, owing to government’s policy of not being self-reliant,
instead preferring to source basic items from abroad, looking inwards was
considered tedious when it could be more easily imported.
That laidback attitude of Nigerians towards local production is the reason the policy of import substitution introduced inNigeria in the days of oil boom was
not pursued with the vigor it deserves. The shoddy implementation of the policy
institutionalized Nigeria ’s
penchant for foreign made goods and services, signaling the dearth of locally
produced goods and services for local consumption.
That laidback attitude of Nigerians towards local production is the reason the policy of import substitution introduced in
Nothing demonstrates Nigeria ’s
penchant for foreign made goods better than the (in)famous container
armada-ships laden with imported containers of assortment of goods into Nigeria ,
resulting in congestions in the sea ports in early 1980s under ex president ,
Shehu Shagari’s watch (1979-83).
In a recent article titled “In This Same Country”, Reuben Abati,
the former chairman of Guardian newspaper’s editorial board, irrepressible
columnist and ex-presidential spokesman, captured the mood of Nigeria and
Nigerians during the so called good old days, which some people, out of
nostalgia, fondly refer to as the golden age.
Abati’s article which was an eulogy of Nigeria ’s heydays as a towering economic
colossus, also contained reminisces of Nigeria
of yore in comparison to now, and laments that the new generation – youths born
less than 35 years ago – would never believe that Nigeria was ever so glorious.
Hear Abati “The angst of this young generation is made worse
when they are told that Nigeria
was not always like this. In their late 20s to thirties, these children have
only known Nigeria where fuel scarcity is a fact of daily life, and part of the
mechanism of survival is to know how to draw fuel with your mouth, or negotiate
black market purchase of fuel, while lugging jerry cans, either at the fuel
station or a road side corner where you cannot be sure of the quality of
fuel.These children have only known a country where the roads are bad, services
are sub-standard, people are mean, criminality is rife, and electricity is
available once in a blue moon”.