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@jibrinSAN - Jibrin Samuel Okutepa SAN
I don't mind revisiting this post over and over. *The tragedy of Nigeria.*
Video Transcript AI Summary
In 1986, Nigeria implemented a structural adjustment program that led to the devaluation of its currency every week for 32 years. This resulted in the inability to build factories, start farms, or create jobs. Nigeria became a nation of importers, spending millions on items like toothpicks and tomatoes. The lack of funds for tomato processors caused farmers to lose money. The government aims to reduce imports, but faces opposition from those who profit from the current system. Nigeria's economy has been taken hostage by these individuals, and it will take a strong government to change the situation. The country needs to prioritize local goods and job creation for its young population.
Full Transcript
Speaker 0: The tragedy of Nigeria began in 1986 when we did the structural adjustment program, when we were persuaded to devalue our currency every week for 32 years. When I went to school and many of you are here, The Naira was $1.50. The Naira was almost 1.0.1. They came here, persuaded some brilliant men from Harvard and the World Bank that weekly devaluation was wonderful. 32 years of devaluing your currency the the the the the the the the the the the the the government.
We are very encouraged by the government. We are very encouraged by the government. So nobody could build a factory, start a farm, produce anything, or create jobs. Because every time you bring in a shipload of rice, you also bring in a shipload of unemployment because you are transferring your wealth to sustain other economies. Somehow, Nigerians didn't notice it so we became a nation of importers toothpicks.
Toothpicks each year cost us $18,000,000. Important toothpicks. Tomato pays $400,000,000. So you talked about tomatoes now. 1 basket in turn now is less than R2,000.
The farmers are losing money Because the processors don't have enough funds to settle factory, they are going to do tomato paste. It's food grade stainless steel. You can't just use anything because you'll be putting poison in people's stomach. 2 factories have started off. I believe by the middle of next year, we can comfortably tell the importance of tomato paste to stop.
But when you do, you make enemies. Even the rights we are trying to to to reduce. We have enemies. Heavy enemies. People who can kill, they have a chance because you are spoiling their business.
And let nobody take it lightly. These guys have seized this country's economy. They've taken us hostage, And they have no intention of giving up because this is a huge market a very sweet market. And they have taken control. I'm saying it because I have been in this business for 41 years, and I can tell you some history.
Is here. Import, import, import milk, sugar, toothpaste, toothpaste, handkerchiefs, pencils we don't make. To kill Nigerians of that malady will take a while. It will take a strong government. That's the truth.
And they are not happy that we are cutting down. When we cut down, they lose money there. So you see all sorts of publications. We're telling lies. We're not growing rice.
We're trying to demoralize the local farmers and make sure that the economy fails. That's the story of imports. Now I read a story recently in the newspapers. The French ambassador the champagne ambassador in Nigeria gave an article to the Guardian. He said, Nigerians love life.
We are the biggest consumers of champagne on planet Earth, more than the French who make There are parties you attend in some places where they only drink champagne. Of course, the individual is free to spend his money But his money comes from Nigeria's commonwealth. So on imports, it will take a while for us to get used to local goods and accept that we should consume what we produce and produce what we want to consume. I take your point, we have to take 10 measures to cut down on imports because these young boys and girls who have no jobs today And I'm going to allow us to carry on enjoying life at their expense. They need jobs.
They need jobs. They are children. They've graduated, they've come back home to begin a 2nd childhood because there is no factory to employ them. And the ministries can't take anymore. The the the the the the the