Nigerians, Not Govt. To Blame For Weak Naira —Reno Omokri

By Daniel Dafe

Former Presidential Aide, Reno Omokri has called on Nigerians to start patronising Nigerian brands, like Globacom Nigeria, the Dangote Group, Innoson Motors, Air Peace, and BUA, which are wholly Nigerian-owned and whose profits circulate here in Nigeria, adding value to the Naira.

Omokri who said this in a tweet on Thursday night, said that “until a Nigerian company is the number one form on the Nigerian Stock Exchange, we will only blame the government when our own consumption habits as citizens are the chief causative factors for a weak Naira.”

He noted that Apple, an American company, is the largest company in the US Stock Market, just as he said that AstraZeneca, a British pharmaceutical giant, is the largest firm in the UK stock market and SAP, a German conglomerate, is the largest concern in the German Stock Exchange.

He thus quizzed: “So, how come MTN, a South African firm, is the largest company in the Nigerian Stock Market?”

Adding: “They control almost 17% of our entire stock exchange. The second is Airtel, an Indian company, with nearly 15%.

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“That is why there is a downward pressure on the Naira. Because we gleefully patronise these foreign behemoths, who repatriate their billions of dollars in profit to their home countries, leaving the Naira stranded.”

According to him, “for every Naira traded in our stock exchange, at least 50 Kobo develops wings and flies to South Africa, India, Europe and America. And we say Nigeria is an independent nation? ”

“And this will continue, and the Naira will go downhill. And you will grow poorer,” his tweet said.