Former Presidential aide, Reno Omokri, has emphasized that the Nigerian currency’s value will remain stagnant unless citizens shift their preference from foreign goods to local products.
In a Twitter post, he dissected the implications of citizens’ choices, particularly regarding the Glo network and other service providers.
Analyzing Local Consumption and Policy Impact
Reno’s observations extended to the commendable utilization of Innoson motors by Abia State Governor, Alex Otti, during his swearing-in ceremony.
However, this positive stride was dampened by the subsequent purchase of Toyota Hilux vehicles for security officials in the state.
Reno, a prominent figure within the Peoples Democratic Party (PDP), suggested a strategic alteration to the 2023 Appropriation Act as a potential catalyst for change.
Proposed Solutions for Naira’s Upliftment
Highlighting the pressing need for change, Reno proposed a legislative amendment that would restrict government entities at all levels—Federal, State, and Local—from purchasing anything other than locally manufactured vehicles, such as Innoson motors.
He urged the involvement of President Bola Tinubu and all thirty-six state governors, urging them to lead by example in adopting made-in-Nigeria vehicles.
By doing so, the annual drain of $8 billion from Nigeria due to foreign vehicle imports could be curtailed.
Consumer Behavior and Naira’s Prospects
Reno’s insights underscored the challenge of altering consumer behaviors and instilling a sense of patriotism in purchasing decisions.
He criticized the prevailing trend of opting for foreign products over their domestic counterparts, using footwear as an example.
He highlighted the paradox of aspiring for a stronger Naira while embracing foreign-made goods.
Reno urged a change in this mindset and advocated for a taxing approach to discourage the consumption of foreign goods and services.
A Call for Policy Change
Reno’s candid assessment called for a comprehensive shift in how Nigerians approach their consumption patterns.
He emphasized the essential role of policy changes, where taxation could potentially steer consumers towards supporting local industries.
The current scenario, according to Reno, is akin to a never-ending cycle where the Naira’s value fails to thrive due to persistently high repatriation of funds by foreign companies.
Reno’s message to the President was clear: without addressing these consumption behaviors, the Naira’s trajectory will continue to mirror its current struggles.
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