The leadership of Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), Comrade Oyinkan Olasanoye has predicted that dollar will continue to rise against Naira unless Nigerians change their taste for imported products.
This is just as she expressed worry at the rate with which federal government is creating wealth and riches through job creations for other countries at the detriment of large market of unemployment in the country.
She appealed to federal government to create conducive environment that would boost industrialisation and also come out with reorientation strategy, whereby Nigerians can patronise home-made products to grow local manufacturers and create more jobs for the people.
Expressing worry over continued mono-product economy, Olasanoye reminded FG of the likely resultant effect of too much dependent on imported products which means exchange rate will continued to rise on daily basis.
“Nigeria has only one sellable product, crude oil to sell. We export crude but buy back the refined products. We import even the smallest product, toothpicks.
“Since Nigeria depends solely on the revenue generated from oil exportation, our economy is affected anytime there is fall in oil price in the world market. This action alone shapes Nigerian exchange rate.
“It is not only the forex that is increasing inflation; because inflation is a demand and supply thing. As long as our economy depends on foreign production of goods, there will be little that the country can do.
“When we talk in the labour sector about the minimum wage, a lot of people challenged us wondering why we are complaining about minimum wage with the effect of the economic situation in the country, but one thing they don’t understand is that our ability as Nigerians is to purchase goods will increase productivity,” she pointed out.
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