Buy Naija to Grow the Naira. #Ibuynaija#

Posted on Posted in Personal Finance Advice

If you are on twitter, then I am sure you must have seen the harsh tag #buynaijatogrowthenaira#.  Most of us Nigerian’s have an insatiable taste for foreign goods, even things like toilet roll, I know of someone (my sister – please don’t kill me) that will never buy Nigerian made. Unfortunately, in the face of the current economic situation, our love for these foreign items is having a negative impact on our economy and killing our naira.

Currently in the parallel market, exchange rate of Naira to Dollar is N313/$1. Naira will keep sliding down if we continue with our love for foreign products. Remember our basic demand and supply in economics? That is exactly what is happening to Naira, the supply of dollar cannot meet up with it’s demand as such it’s exchange rate keeps rising.  

The government has a lot to do on the macroeconomic level, but on the microeconomic level, each one of us can contribute in our little way by being more patriotic towards our country and it’s products. By so doing, we will encourage our local factories

I know we cannot completely by-cut foreign products, but where possible let us buy made in Nigeria. I am pledging to buy Naija when possible and I will be making the following changes from next month.(We have already done our February grocery shopping);

  1.  No more Foreign diapers for my toddler – I will buy Nigerian diapers, yes I know the quality is low and this will be hard for me but I want to make a change in my own little way. She is almost 18 months, so this will even push me to start potty training her.

     2.   No more Kelloggs cereal – Nasco, Good morning and Infinity cereal. (Sorry OB)

     3.   No more SMA stage 3 milk – Peak 123.

     4.   No more quaker oats – Good morning oats.

     5.   No more MAC powder & Lipstick – Zaron and Tara are doing a good job.

      6.  No more Irish spring bathing soap – Joy/lux/Imperial leather.

      7.  No more Fairy dish washing soap – Morning Fresh.

      8.  No more Tetley tea – Lipton/top tea.

      9.  No foreign holiday this year – Time to explore Nigeria more. (Hubby will really be pleased with this, cost saving.)

     10. No more foreign school shoe for my daughter – I will patronize the local shoe maker close to my house.

     11.  I make my gift hampers myself, so this year all items in any hamper I make will be made in Nigeria.

     12. I need to change my car tyres, so I will work towards buying made in Nigeria.

To our local manufacturers, I hope they improve the quality of their products.  And to everyone reading, please join the movement by looking for some products that you can substitute with Naija made.

If each one can teach one to change our preference for foreign products, what a better place Nigeria will gradually start to be.

God bless Nigeria.

3 thoughts on “Buy Naija to Grow the Naira. #Ibuynaija#

  1. This was funny but as usual, you raised excellent points!

    USD/NGN was N340 yesterday. 🙁

    No matter how hard we pray for the Naira to improve, No matter how many “It is well”s that we say, at the end of the day we all have to put hands and heads together to make it happen.

    I agree wholeheartedly with you, buying locally manufactured products saves our foreign reserves and reduces this over-dependency on foreign currency.

    1. As at today it is N352/$1. Really a sad situation. As we say it is well, let us support the government in saving the Naira. God bless Nigeria.

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