Emmanuel OchayiFormer Senator representing Bayelsa West, Ben Murray-Bruce has asserted that the value of the country’s troubled currency, Naira, won’t appreciate just by increased crude oil sales.
The senator, known for his advocacy for locally-made goods and services, expressed concerns in a statement on X (formerly known as Twitter) about the Naira’s stability and the nation’s dependency on oil revenue.
Join our WhatsApp ChannelMurray Bruce began by highlighting the current financial struggles, stating, “The Naira will not rise even if Nigeria sells more crude oil. Not only are we not getting money from present sales since the Buhari government took the funds in advance, but we are also not an oil-rich nation. We are talking about 1.7 million barrels of oil per day to a population of over 200 million people.”
The founder of Silverbird Group further spoke on the disparity in oil production compared to other nations, saying, “Angola has just 15% of our population and produces more oil than we do.”
The senator called for a shift in mindset, saying, “Stop looking at oil for our salvation. If we don’t persist in buying made in Nigeria goods and services, we will perish economically.”
He encouraged Nigerians to prioritize local products, concluding with a plea, “Even if you do not like me, do it because you like yourself. The days of subsidized Naira are gone forever. There is no $1.5 billion to waste defending the Naira anymore. If you and I want a stronger Naira, we must defend it by changing our consumption habits.”
Senator Ben Murray Bruce’s call for a shift towards supporting Nigerian-made products echoes a growing sentiment among many citizens, as they seek to stimulate the domestic economy and reduce dependency on volatile oil revenues. It remains to be seen whether this message will lead to tangible changes in consumption habits and a more robust Naira.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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