People have been messaging me on social media for my opinion on the outburst and disrespect shown by Alhaji Atiku Abubakar towards President Asiwaju Bola Ahmed Tinubu.
Some of our friends who have known me as one of President Tinubu’s media disciples since 1999 were worried that I remained quiet in spite of all the attacks by former Vice President Atiku Abubakar.
But I always tread carefully when two friends have different political opinions on a matter that concerns their ambitions.
Alhaji Atiku Abubakar wants Asiwaju’s job, and he is using all the tactics that will assist him.
Both of them are my fathers. I have the utmost respect for them.
Former Vice President Atiku Abubakar was once good to me, and no matter what he does against me or someone very close to me, I will not be unfaithful to the goodness he once showed my family.
I would rather remain neutral and send him a private message when necessary.
I once had a close relationship with VP Atiku Abubakar’s family, and I will never take that for granted.
There is a proverb in Yorubaland that says, “Kò sí ọ̀rọ̀ tí kò lésì, ṣùgbọ́n kì í ṣe gbogbo ọ̀rọ̀ là á fèsì sí.”
There is an answer to every statement, but not every statement deserves a response.
Nevertheless, when confident commentary begins to drown out basic economic reasoning, silence becomes a luxury.
Let us educate the armchair critics.
You cannot look at the number of currency units exchanged for one dollar and conclude that you have measured the strength of an entire economy. A country’s prosperity is reflected in what it produces, what it exports, its productivity and the living standards of its people.
Comparing Nigeria with Indonesia requires more than waving exchange-rate figures around. Where is the comparison of export earnings, industrial capacity, foreign-exchange obligations and the reserves available to meet them?
An exchange-rate quotation is not an economic diagnosis!
To those demanding that the government simply force the naira back to a preferred rate, one question deserves an honest answer: where will the dollars come from?
From stronger exports? Increased investment? Higher production? More reliable foreign-exchange inflows?
Or do we imagine that dollars will appear because we are angry enough?
Printing naira does not create dollars. Announcing a favourable official rate does not guarantee that businesses and ordinary Nigerians can obtain foreign exchange at that rate.
And spending scarce reserves to maintain an exchange rate that underlying supply cannot support comes at a cost.
A favourable number on a noticeboard means little if the dollars are unavailable when people need them.
Nigeria needs an economy that earns foreign exchange consistently.
We need productive farms, competitive factories, dependable electricity, stronger exports and policies that encourage investment. We need to produce more of what we consume and sell more of what the world wants to buy.
That is the foundation on which a stronger currency can stand.
Of course, Nigerians have every right to complain about hardship. Rising prices are painful, and the government must explain its decisions, protect vulnerable households and deliver measurable results.
But criticism becomes more useful when it confronts the difficult questions.
If you oppose a policy, explain the alternative. If you demand a cheaper dollar, explain how you will increase its supply. If you propose intervention, explain how it will be financed and sustained.
Economic hardship deserves serious answers. It cannot be shouted away.
Before your next confident comparison, take time to research. Check the dates. Understand the figures. Distinguish gross reserves from net reserves, and an attractive exchange rate from one the economy can sustain.
Nigeria’s future deserves more than selective statistics and social-media economics.
The naira will not be strengthened by the loudest argument. It will be strengthened by the economy behind it.
Mogaji Wole Arisekola writes from Ibadan.
But I always tread carefully when two friends have different political opinions on a matter that concerns their ambitions.
Alhaji Atiku Abubakar wants Asiwaju’s job, and he is using all the tactics that will assist him.
Both of them are my fathers. I have the utmost respect for them.
Former Vice President Atiku Abubakar was once good to me, and no matter what he does against me or someone very close to me, I will not be unfaithful to the goodness he once showed my family.
I would rather remain neutral and send him a private message when necessary.
I once had a close relationship with VP Atiku Abubakar’s family, and I will never take that for granted.
There is a proverb in Yorubaland that says, “Kò sí ọ̀rọ̀ tí kò lésì, ṣùgbọ́n kì í ṣe gbogbo ọ̀rọ̀ là á fèsì sí.”
There is an answer to every statement, but not every statement deserves a response.
Nevertheless, when confident commentary begins to drown out basic economic reasoning, silence becomes a luxury.
Let us educate the armchair critics.
You cannot look at the number of currency units exchanged for one dollar and conclude that you have measured the strength of an entire economy. A country’s prosperity is reflected in what it produces, what it exports, its productivity and the living standards of its people.
Comparing Nigeria with Indonesia requires more than waving exchange-rate figures around. Where is the comparison of export earnings, industrial capacity, foreign-exchange obligations and the reserves available to meet them?
An exchange-rate quotation is not an economic diagnosis!
To those demanding that the government simply force the naira back to a preferred rate, one question deserves an honest answer: where will the dollars come from?
From stronger exports? Increased investment? Higher production? More reliable foreign-exchange inflows?
Or do we imagine that dollars will appear because we are angry enough?
Printing naira does not create dollars. Announcing a favourable official rate does not guarantee that businesses and ordinary Nigerians can obtain foreign exchange at that rate.
And spending scarce reserves to maintain an exchange rate that underlying supply cannot support comes at a cost.
A favourable number on a noticeboard means little if the dollars are unavailable when people need them.
Nigeria needs an economy that earns foreign exchange consistently.
We need productive farms, competitive factories, dependable electricity, stronger exports and policies that encourage investment. We need to produce more of what we consume and sell more of what the world wants to buy.
That is the foundation on which a stronger currency can stand.
Of course, Nigerians have every right to complain about hardship. Rising prices are painful, and the government must explain its decisions, protect vulnerable households and deliver measurable results.
But criticism becomes more useful when it confronts the difficult questions.
If you oppose a policy, explain the alternative. If you demand a cheaper dollar, explain how you will increase its supply. If you propose intervention, explain how it will be financed and sustained.
Economic hardship deserves serious answers. It cannot be shouted away.
Before your next confident comparison, take time to research. Check the dates. Understand the figures. Distinguish gross reserves from net reserves, and an attractive exchange rate from one the economy can sustain.
Nigeria’s future deserves more than selective statistics and social-media economics.
The naira will not be strengthened by the loudest argument. It will be strengthened by the economy behind it.
Mogaji Wole Arisekola writes from Ibadan.
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