This raises the question… what if our oil exports and future gas exports are only paid for in Naira, so that, to get that Naira to pay with, the importing country must buy some other Nigerian products, usually non oil?
We should be using what we produce locally to buy what we import.
Our local production can then first create wealth locally, before creating wealth for other countries.
If America accepts her own currency for what they produce, and we also do the same, then both of us will be creating local jobs when we export. Our oil and gas are purely extractive and create next to no local jobs.
This way, if we devalue our currency, our products get much cheaper to international buyers and we create a lot more jobs locally.
This is the surest path to becoming a producer country instead of a consumer nation.
Any further perspectives?
I’m sure there would have been a lot of studies on the pros and cons of the above.
--------------------------------------------------------Who is he that saith, and it cometh to pass, when the Lord commandeth it not?
Lam 3:37 (KJV)