‘Talk Is Cheap’— Nigerians React To Ben Bruce’s Advice On Lifting Naira From N1,730/$
Former Nigerian Senator and the founder of Silverbird Group, Ben Murray-Bruce, has been criticised after advising the government to focus on harnessing the potential of agriculture if they want the naira to rebound.
After the close of trade on Monday, the businessman shared a video of X suggesting to the government what they should do to save the naira and ensure food security.
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He said, “Nigeria has the potential to cause a revolution in its agricultural sector within a two-year timeframe. I confidently say that by strategically harnessing our resources and implementing pragmatic initiatives, we can significantly boost agricultural production, strengthen the naira, enhance food security, and emerge as a global food exporter in the global market.
“Nigeria’s first step towards agriculture will have to be a substantial investment in infrastructure which includes improving irrigation systems, enhancing transportation networks and upgrading storage facilities to prevent post-harvest losses.”
Bruce canvased for farmers to have easy access to loans and farm inputs.
Almost every day, the naira loses to the US dollar following scarcity. On Monday, the dollar hit a new low of N1,730 at the black market controlled by the Bureau de Change operators.
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At the official market, the currency closed at N1,574.6 per dollar, which is the lowest by the standards of the country’s history.
The President Bola Tinubu administration which was once praised for its bold steps in scraping payment of subsidy on petrol in May 2023 is gradually becoming unpopular by the day due to spiking prices which have hit 29.9 per cent.
The depreciation of local currency is another major source of concern to Nigerians because the country is import-dependent.
The Central Bank of Nigeria (CBN) is playing the blame game accusing Bureau de Change dealers of speculative activities. The official market dealers were also accused of hoarding foreign exchange that they did not need.
Bruce advised the government to focus on agriculture, adding it “will not only strengthen the naira and boost food security but also position Nigerian as a leading player in the global food market.”
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But a verified X user, Tammy Solomon, questions the Silverbird Chairman’s advice on strengthening the naira.
Solomon said, “How many farms do you own? Which of your children attended schools in Nigeria? Do you even own a Nigerian-made vehicle? What about the clothes and shoes you wear? Are they mostly Nigerian-made?”
Another critic, Femo Gq, said, “Talk is cheap. Are you not in the same class of people who patronise foreign goods and foreign ideas.”
Ashipa James added, “Let us not put the cart before the horse. Fertile land is available, but SAFE land is a mirage because of insecurity. Why go to the farm to get killed or raped?”
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