In Nigeria our native currency has been facing the worst of the worst. Traded at 380 naira per $1 and in the black markets 475 - 482 naira per $1 dollar. Nigeria has been a country known for its riches in crude oil, but not having the necessary equipments and facilities to refine these crude oil, so then exportation for refining is the only way out. Nevertheless they are being imported back for sales. A lot of process involved before actually making gains off this so called riches, alot of money spent along the line as well.
Too much attention has been given to crude oil that there's no other source of foreign exchange, rather we keep importing goods, borrowing from world bank to handle projects that we the citizens most times don't see. The country currency is constantly having a retarding form and it may just keep in going if changes are not made.
Funds meant for projects are being bridged in borders and shared amongst leaders, leaving the nation in hunger, while prices of goods and commodities keeps rockect-shooting.
Out of a hundred and sixty million residents in Nigeria as per the last census conducted far back as 2009, an hefty percentage of this population are in hunger, no jobs and no means of survival. Approximately 75-80% of the total population are average living or poor, looking at this country status how are they to keep up and live On?
Capitalization Should be Diversified
I think Nigeria has been too focused on crude oil that a lot has been neglected. Even as individuals in our daily activities, focusing in one source of income is highly risky. We could wake up one morning and that investment is gone, time and money wastage.
Capitalizing on crude oil has brought Nigeria to the situation it is at the moment. Agriculture that has been a huge influence in foreign exchange based on the fact that people have to eat was neglected. Importation of farm produce yearly when we have surplus lands laying around. Capitalization should be diversified in the sense that the should be varieties of produce capitalized on. The continuous importation of foreign produce and the annual borrowing of money from the world bank will only keep on reducing the naira value.
Crude oil was a good natural resources invested on, but those days are gone. It won't be long when crude oil won't be required, it will be irrelevant in the system because of the invention of auto cars running without gas but electricity, battery or solar power. The introduction of this auto machines running on natural energy is definitely a future vision to wipe away the usage of gas power. This are pre-actualization that Nigeria need to realize now.
Importation should be totally banned. So we are told that importation of goods has been banned but the truth is that these laws are only functional on the average citizens, richer men still create a lot of influence in the system, thereby bringing in goods from the foreign despite the laws on ground. This should first be taken of, then capitalization on only crude oil should be ruled out, agricultural investment should be the country's focus, in agriculture are divers fields so then it's a broad factor that will yield a lot, feed the nation and possibly grow the value of the naira, through exportation of these farm produce to other countries.