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Reno Omokri, a former presidential aide and social commentator, has stated that Nigeria's recent decline from being Africa's top petrol importer is a positive sign of economic transformation, fueled by increased local production and export activities.
During a press briefing on Friday while touring the Dangote Refinery, Omokri pointed out that South Africa has now surpassed Nigeria as the continent's leading petrol importer, whereas Nigeria has made substantial advancements in petroleum exports, becoming the largest exporter of refined products in West Africa.
“What matters most as a Nigerian is the value of the currency you possess,” Omokri remarked. “The naira will only hold value when we engage in production and exportation, rather than relying on imports. If we fail to substitute imports with locally produced goods and services, our currency will continue to weaken.”
He suggested that the shift in Nigeria's fuel trade dynamics indicates that the nation is progressing toward self-sufficiency in refining and exporting petroleum.
“In fact, we have achieved a complete turnaround; Nigeria is now the largest exporter of petroleum products in West Africa,” he declared.
Omokri stressed that genuine prosperity is not found in high nominal wages but in the purchasing power of income earned through productive activities.
“It is more advantageous for Nigerians to earn ten thousand naira that has real value, capable of purchasing goods, services, paying rent, or even buying vehicles and homes, than to earn a million naira that is not linked to production,” he added.
He called on both the government and labor unions to concentrate on cultivating an economy based on productivity, industrial capacity, and export growth, rather than seeking wage increases that are not supported by actual production.
“Consider this: whether you are an everyday citizen, part of the government, or a labor union, it is far better for Nigerians to earn ten thousand naira that retains real value, which can buy goods, pay rent, or even purchase a home, than to earn a million naira that lacks backing by production.”
Frequently Asked Questions
What does Reno Omokri say about Nigeria's status as a petrol importer?
Reno Omokri believes that Nigeria's drop from being Africa's number one petrol importer is a positive indication of economic transformation driven by increased local production and export.
What is the significance of the naira's value according to Omokri?
Omokri emphasizes that the naira's value is crucial and will only hold when Nigeria focuses on production and exports rather than relying on imports.
