Business

Nigeria recession in the mirror

Published

9 years ago

January 29, 2017

The fall of the Naira did not just happen overnight When Naira was stronger was when we had,

1. Peugeot Automobile Nigeria.
2. Volkswagen Nigeria.
3. Dunlop Nigeria LTD
4. Michellin, Nigeria
5. BATA.
6. LENNARDS.
7. Nigerian Airways.
8. Steel Rolling Mill, Osogbo.
9. Steel Rolling Mill, Ajaokuta
10. Arewa Textile Mill.
11. BEREC Battery.
12. ANAMCO
13. General Motors.
14. Kingsway.
15 A.G. Leventis
16 Bhojson’s
17. IBM
18. IICC.
19. RANGERS FOOTBALL CLUB.
20. ETC
Free fall started when we abandoned,
1. IICC for ARSENAL
2. RANGERS for MAN. U.
3. EYINMBA for LIVERPOOL.
4. NIGERIA AIRWAYS for BA
5. YANKARI for DISNEY LAND.
6. GURARA for ISRAEL.
7. IKOGOSI for UK .
8. PALM WINE for HENESSY.
9. AREWA for SWISS LACE.
10. ARIARIA for ITALIAN SHOES.
11. MAMA PUT for QUILOX.
12. OJA OBA for SHOPRITE.
There is practically nothing on ground in Nigeria to attract the dollar. Naija brands are sponsoring foreign clubs.
A bottle of Henessy is 110k in Quilox, in V.I. The voice over of ARIK AIR advert was done by an English man.
And we are growing the NAIRA!

Nigeria, being the 5th largest consumer of Japanese products in the world, do not have an Assembly Plant for Toyota.
We do not have assembly plants for Mercedes Benz, Hyundai, Honda, etc.
Despite the fast growth of broadcasting & ICT in Nigeria, we do not have assembly plants for any of the producers of all electronic appliances such as Samsung, Sony, Nokia, HP, Techno, etc.
Major software development contracts are warehoused from offshore.
Corporate Executives & politicians give more preference to foreign trainings, foreign medical services, foreign food items & foreign dresses.
With the growth in aviation, aircraft maintenance are are done offshore.
Most fishing companies have been taken over by the Indian.
Hmmmm…..

Don’t look elsewhere, check the MIRROR – We are collectively CULPABLE !