Association of Banking, Insurance and Financial Institutions (ASSBIFI) Senior Executives Comrade Oyinkan Olasanoye has predicted that the dollar will continue to rise against the naira unless Nigerians change their taste for imported products.
It is just as she expressed her concern about the rate at which the federal government is creating wealth and wealth through job creation for other countries at the expense of the large unemployment market in the country.
She called on the federal government to create an enabling environment that would spur industrialization and also come up with a redirection strategy, whereby Nigerians can prioritize home-made products to develop local manufacturers and create more jobs for the people.
Expressing concern over the continuation of the single-product economy, Olasanoye reminded FG of the likely effect of over-reliance on imported products, which means the exchange rate will continue to fluctuate. increase daily.
“Nigeria has only one salable commodity, crude oil for sale. We export crude but buy back refined products. We even import the smallest product, toothpicks.
“Since Nigeria is solely dependent on revenue generated from the export of oil, our economy is affected whenever there is a drop in the price of oil in the global market. This action alone shapes the exchange rate Nigerian.
“It’s not just forex that increases inflation; because inflation is a matter of supply and demand. As long as our economy depends on foreign production of goods, the country will not be able to do much.
“When we talk in the labor sector about the minimum wage, many people have challenged us asking why we complain about the minimum wage with the effect of the economic situation of the country, but one thing they do not understand, it is that our ability that Nigerians have to buy goods will increase productivity,” she stressed.