A Nigerian Activist and Social media influencer, Emmanuel Iyaje Imohtep has called on the Federal government to make hey when the Sun still shines as he speaks bitterly on the daily valuelessness of the naira against counterparts
The activist, Iyaje made this known in Abuja on Monday in an Exclusive interview with Journalists.
In his words,” There are lots of raw materials such as Gold, Tin, Tantalite, Dolomite, Zinc, Barites and many other valuable ore of metals in Nigeria which are exported illegally by foreigners with the aid of top government officials and He also stated that through a legitimate process of mining these mineral resources, Massive wealth would have been created as well as a lot of job opportunities for the youths and economically the country would have attracted a large volume of foreign currencies that would have strengthened our local currency and put us in a better position for currency swap deals through mining and processing of abundantly deposited mineral resources in the country. But painfully the reverse is the case as illegal mining keeps increasing only to the perils of our local currency.
Dollar and most other foreign currencies must experience contentious increase in value against Naira until we have a domestic means of making foreign currencies and the fastest means to produce exportable commodities is to legitimately mine our several diversity of categories of mineral resources which is evenly distributed across the country on large scale deposit with high international values.
“My question is, why should a Chinese, Lebanese and other foreigners have access to excavating our minerals when a Nigerian citizen does not even have the opportunity to work there legitimately? And you expect a functional domestic currency from such a system?. Taking a look at the high level of youthful unemployment, rapid decline in the value of Nigerian local currency amidst other prominent challenges, Mr. EMMANUEL emphasized that the security operatives including the Nigerian police force, the military and the Nigerian Customs, as well as the EFCC should be fully charged to their tentacles to prioritize securing the common wealth of the nation at the expense of harassing innocent citizens, getting themselves used by politicians and collecting bribes.
#wakeup Nigerian Youths and take control of your Mineral resources.”
While outlining mitigating measures, he has this to say, “Curbing the skyrocketing devaluation of our currency requires a comprehensive approach that involves both short-term and long-term measures. Here are some strategies that can be employed:
” Security reorientation: there is a strong need to reorient the security operatives educating on how to identify these mineral resources, tracking of illegal miners and protection of national wealth.
“Judicial Approach: Appropriate laws should be enacted and strictly enforced to protect the mineral resources from illegal miners and at the same time allocate the accessibility of the mineral resources to legitimate citizens of Nigeria to mine and process according to national standards and return appropriate revenue to the government.
“Exchange Rate Policies: The central bank can intervene in the foreign exchange market to stabilize the currency. It can use foreign exchange reserves to support the currency’s value or implement a managed float system, where the exchange rate is allowed to fluctuate within a certain range.
“Economic Reforms: Implementing economic reforms aimed at enhancing competitiveness, attracting foreign investments, and promoting export-oriented industries can help strengthen the currency. This may involve reducing trade barriers, improving infrastructure, and streamlining regulations to create a favorable business environment.
“Confidence-Building Measures: Rebuilding confidence in the currency is crucial. The government and central bank can communicate effectively with the public and investors, providing transparency and clarity about their policies and commitment to stability.
“Controlling Inflation: High inflation erodes the value of a currency. Implementing measures to control inflation, such as tightening monetary policy, managing food and energy prices, and improving supply chains, can help stabilize the currency.
“Diversification of the Economy: Overreliance on a few sectors or commodities can make a currency vulnerable to external shocks. Encouraging economic diversification through investment in different sectors can help reduce the impact of such shocks and stabilize the currency.
“Strengthening Governance and Institutions: Addressing issues of corruption, improving governance, and strengthening institutions can enhance economic stability and investor confidence, leading to a more stable currency.
“International Cooperation: Engaging in international cooperation and coordination, such as seeking assistance from international financial institutions, can provide support and expertise in managing currency devaluation”, Iyaje added.