I am not blaming President Buhari or APC for the expected doubling and
predictable rise of the exchange rate of Nigerian Naira to Dollars, Euro and other
hard international currencies which is causing economic hardship for Nigerians.
First of all, a lot us have over the years been worried about the situation,
where with the huge and abundant talents Nigeria have and abundant
amount of Agricultural resources, fertile land, Rivers,lakes and ocean
available to Nigeria that too many countries will be thanking God for that
to make them great nations, but Nigeria doesn’t understand how blessed
the country is to use these resources to diversify Nigerian economy as
soon as possible.
My main point, Earlier last year 2014 the exchange rate for Naira to Dollars
was N140 to N150 Naira to One Dollars, but it has doubled today
to N240 Naira to one Dollar. What makes a sensible person not
understand that with the way things are going on in Nigeria,
that it is possible for the exchange rate to double to N500 to one Dollars.
Reasons of the possibilities of Naira double to N500 Naira to a dollar.
(A) USA and Europe have stopped buying our oil after they have
developed efficient technologies to fine and produce
more oil and gas in their lands..
(B) USA, Europe, Asia and Brazil the big buyers of our oil and Gas are
now increasing their use of alternative energy
like electric cars, hybrid, ethanol, Natural Gas to run motor vehicles
and their factories and industries.
(c) Nigeria is not developing her agriculture, Fishing, and
aquatic resources from the abundant Rivers, Lakes and Ocean
to diversify Nigeria economy.
(d) The countries buying our oil and gas now from Asia majority of
them don’t have hard and international Currencies, because
Countries like India, Malaysia, Indonesia from Asia have to also
source and look for hard currencies and International currencies
like Nigeria, and it hits them hard too on their countries exchange rates.
Finally, with Corruption, looting of Nigeria wealth stashed away in
foreign countries and the Boko Haram and Refugees
dislocation of population in West Africa and North Africa. All these
will affect Nigeria growth and development rate.
These are the reasons I feel that this is just morning time for Nigeria,
Things does not look great as I looks if serious action
is not taken by President Buhari and I wish President Buhari luck.
Please, mind you that myself here and my family in Nigeria suffer when things
go wrong in Nigeria like before. I am just being honest.
I am not blaming President Buhari or APC at all.
These are structural problem for Nigeria for over 30 years now.
Thanks
Ugo Ukandu
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