Mr. Reno Omokri, a former presidential aide during the administration of President Goodluck Jonathan, has canvassed for a sudden death on foreign companies, especially those of South African origin, including telecommunication giant, MTN, Mega store Shoprite, Multichoice, SABC and DSTV, in order to increase the value of the Nigerian Naira.
Ii an essay published online on Thursday, Mr. Omokri argued that if the Naira is to increase in value, Nigerians must increase their patronage of made-in-Nigeria goods and services!
He also urged Nigerians to patronise indigenous companies like telecommunication provider Globacom Nigeria Limited, Dangote Group, NASCO, Air Peace, First Bank, others, so as to “shoot up the value of the Naira” and ‘help ourselves’.
The following are his advices:
- Port from MTN, Airtel, or Etisalat to Glo
- Get your money out of Stanbic Merchant Bank and into First Bank, UBA, Guaranty Trust Bank
- Shop with local market woman instead of Shoprite
- Turn your TV dial away from Multichoice, SABC and DSTV… watch AriseTV and Channels
- Wear Babanriga, Agbada, Senator, and Etibo made with Nigerian fabric instead of foreign ones
- Start promoting Enyimba F.C. Shooting Stars, Sharks of Port Harcourt and Kano Pillars.
According to him, “a stadium full of Nigerians watching Enyimba F.C. win the NPFL has more impact on the value of the Naira than an Emirates Stadium filled with our people in London”.
Read the essay in full below:
Please research this. When British BAE Systems won a $5 billion contract recently, it had an IMMEDIATE impact on the value of the British Pound. The same thing happened to the US dollar when Lockheed Martin won an $8 billion contract to deliver 126 F-35 military aircraft to various European countries some months back.
Globacom Nigeria Limited, Dangote Group, NASCO, Air Peace, First Bank, etc, are our own British BAE Systems and Lockheed Martin that will shoot up the value of the Naira. By patronising them, you are helping yourself!
Look, is it not a shame to us, as Nigerians, that of the ten biggest companies on the Nigerian Stock Exchange, MTN Nigeria Limited is number one with a total market capitalisation of ₦5.565 trillion? Please fact-check me. I deal in facts, not conjecture!
MTN Nigeria Limited accounts for 16.76% of Nigeria’s stock market because Nigerians do not know the value of patronising their own. If Globacom Nigeria Limited controlled 16.76% of our stock exchange, our Naira would have appreciated by at least 50%.
Airtel is the second largest company in Nigeria’s stock exchange, with a total market capitalisation of ₦N4.960 trillion, thereby controlling 14% of our stock market.
Dangote Group comes a distant third.
Meanwhile, there is not one Nigerian company amongst the top 100 firms in the South African stock market, known as the Johannesburg Stock Exchange. Please, fact-check me.
How can Nigeria’s bucket be full when we have different pipes and hoses redirecting our water to South Africa and other countries?
As far as I am concerned, it is economic sabotage for you as a Nigerian to use an MTN, Airtel, or Etisalat line when you can use a Glo line. It is in your interest to do so.
The value of a nation’s currency is dependent on its military-industrial complex. And Nigeria is surrendering hers to foreigners because of our insatiable thirst for foreign goods and services.
Make a sacrifice today. Port from MTN, Airtel, or Etisalat to Glo and watch the Naira grow with pride.
Get your money out of Stanbic Merchant Bank and into First Bank, UBA, Guaranty Trust Bank and any other fully Nigerian-owned bank.
Shop with your local market woman instead of Shoprite and any other store selling imported groceries.
Turn your TV dial away from Multichoice, SABC and DSTV and instead watch AriseTV and Channels.
Wear Babanriga, Agbada, Senator, and Etibo made with Nigerian fabric instead of Gucci, Balenciaga, Hermès, Armani, and Louis Vuitton.
And even if it will be difficult for you, start promoting Enyimba F.C. Shooting Stars, Sharks of Port Harcourt and Kano Pillars.
I know it will be hard to wean yourself off the English Premier League, the Serie A and La Liga, but have confidence in me when I say that a stadium full of Nigerians watching Enyimba F.C. win the NPFL has more impact on the value of the Naira than an Emirates Stadium filled with our people in London.
My message is simple. If you want the Naira to increase in value, you must increase your patronage of made-in-Nigeria goods and services! END.
In a subsequent essay, he argued that as long as MTN Nigeria Limited, DSTV, South African Breweries (SAB miller), Stanbic Merchant Bank and other South African conglomerates in Nigeria are repatriating profits back home, the Nigerian Naira will continue to lose value.
He wrote:
It does not matter who won the #NigerianElections2023. It could have been Waziri Atiku or Peter Obi. But, so long as MTN Nigeria Limited, DSTV, South African Breweries (SAB miller), Stanbic Merchant Bank and other South African conglomerates in Nigeria are repatriating their profits back home, is as long as the Nigerian Naira will continue to nosedive in value.
The same is true for European, American, and Asian companies.
Improving the value of the Naira has a direct relationship with the price of petrol because currently, Nigeria still imports most of its fuel.
Do you know that if all Nigerians stopped using MTN, Airtel, Etisalat, and instead used the only wholly Nigerian-owned mobile service provider, Globacom Nigeria Limited, it would have an IMMEDIATE impact on the value of the Naira and that would, in turn, have a multiplier effect on the price of petrol?
Every time you use an MTN line instead of a Glo SIM to make a call, you are literally saying, ‘South Africa deserves my money better than Nigeria.’
And the next day, you will come on social media and wail about the value of the Naira and blame the government.
Go to South Africa and see whether they use any made in Nigeria products or services. In fact, go there and see whether you are even dignified as a Nigerian.
Be patriotic. Buy Nigerian to improve the value of the Naira. Yes, MTN may offer competitive services. But every penny you spend on their services robs you of a strong Naira. You are sending money and jobs to South Africa. And the more you patronise Globacom, the more revenue they have to reinvest in their business and offer you world-class services.
When you bank with Stanbic instead of First Bank, UBA, Guaranty Trust Bank, or any other Nigerian, you also put downward pressure on the Naira.
Each time you buy any cement or cereal product, other than Dangote, NASCO, or any other Nigerian brand, you are causing the Naira to lose steam.
The only way the Naira will rise in value is if we, as Nigerians, make a deliberate effort to buy Nigeria.
Instead of Birdseye custard and Quaker oats, drink akamu, pap, and ogi. If bread is too expensive because of imported wheat, have acara for breakfast. And by the way, palm wine will make your wife (not girlfriend) happier in the bedroom than champagne!
As far as Air Peace travels to the destination you are going abroad, you should patronise them. You are not giving money to Allen Onyeama. You are giving money to yourself. Air Peace is domiciled in Nigeria. Their revenue and profits circulate in Nigeria and help your purchasing power.
If I had my way, I would compel the President to ban any elected or appointed official, as well as civil servants and the staff of any company wishing to do contracts with the Federal Government of Nigeria, from flying a foreign airline on any route where a Nigerian airline currently flies.
We are experiencing desperate financial circumstances in Nigeria, and we require desperate remedies to revamp our economy after eight disastrous years of Buhari and restore some value to our beloved Naira.
As long as we prefer to buy foreign goods and services where there are viable Nigerian-made alternatives, we will have a boring Naira and Kobo!
Buhari was right about at least one thing. Change Begins With Me!
Earlier in the week, News Band had reported that Omokri advised President Bola Ahmed Tinubu to bring in Igbo business gurus, including the Labour Party (LP) Presidential Candidate, Peter Gregory Obi, the Chairman/CEO of Innoson Group, Chief Dr. Innocent Ifediaso Chukwuma, the Chairman/CEO of Air Peace, Chief Allen Ifechukwu Athan Onyema, as well as Chief Michael Adeniyi Adenuga, the Yoruba billionaire businessman and sixth richest person in Africa, whose company Globacom is Nigeria’s second-largest telecom operator, to help him “jumpstart the economy”.
Read the report in full below:
Omokri advises Tinubu to allow Igbos—Peter Obi, Innoson, Onyema to jumpstart economy for him
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