Nigerians at home are wailing about the falling market value of the naira against the U.S. dollar. The Iya alakara on the corner in Ilaje, Osun blames the U.S. dollar for the steady rise in the price of her akara.
The Nigerian economy is pegged against the U.S. dollar and at the current exchange rate of N470 to $1 every commodity in the marketplace is inflated.
Seven ingredients go into making her akara (red beans, palm oil, peanut oil, tomatoes, Maggi Cubes, ata rodo and onions) including firewood for frying but not including any cost for her labor.
Nigerians in the diaspora meanwhile are busy echoing the wailings of the misinformed Nigerians at home. They become blind to the opportunities of investing their high valued dollars at home thereby giving the Chinese who have trillions in U.S. currency the opportunity to own the Nigerian economy.
They stand by the sidelines complaining about how the Chinese have taken over the Nigerian economy and how President Buhari is starving the people.
The Minister of Finance, Kemi Adeosun’s inability to articulate the administrations economic policies to the average Nigerian undermines the administrations efforts in adjusting for weak oil prices and a U.S. dollar backed economy. – @OgbeniAyotunde