Introduction
Nigeria has some of the best lands for Agriculture, and the best natural resources like oil, gold, natural gas, etc.
Nigeria also has a population of over 200 million, and everyone knows there's strength and power in numbers and that a population is also a resource.
But..
But a majority of the stuff used in Nigeria is imported.
This is not because Nigerians cannot manufacture stuff, but the long and short of the whole matter is that it is because huge international corporations have succeeded in fighting the effort of Nigerians to manufacture. They want Nigerians dependent on imports because it's big money for these corporations.
These corporations didn't do it on their own, though, they had the help of other Nigerians in key positions who they bribe and sponsor. So, clearly, Nigerians have a hand in all these.
But huge corporations are a worldwide problem, they're always manipulating things for monetary gains. An extra example is how they manipulate the USA into going to war every now and then because it is big money.
So, the fact that Nigeria imports this much has caused the price of things to always soar when the Nigerian currency (naira) falls to the USD.
In the past 1 year, since the swearing-in of the new Nigerian President, the naira has gone from around N600 for a dollar to N1600 to a dollar, and the price of everyday goods has followed suit.
But those earning USD are in a better place, and they'd be in a better place than the rest of the populace until the country's minimum wage is increased enough to take care of this inflation.
For now, the USD earners are happy and balling because their USD earnings are good enough to buy these inflated goods and some goods/services didn't even inflate enough to reflect the devalued naira.
But there is a probable danger for these USD earners.
The Danger
If the naira gains on the USD, say it moves from N1600 per USD to N1000 per USD there would be trouble for USD earners.
Because when they convert the USD to naira it would be considerably smaller immediately, but the price of goods wouldn't drop immediately too. It would take the price of goods sometime to drop enough.
As we've seen in the past in Nigeria, the price increase can be very swift, but the reduction in price takes a lot of time or never happens substantially enough when whatever is supposed to make the price reduction occur.
So, these USD earners would be out here buying goods for the price that N1600 per USD caused when they're earning N1000 per USD. This might last months or something and, as you can imagine, painful for them.
The naira might never rise that much again, though, or that might take years, but it is still very possible, so this threat exists to the current Nigerian USD earners who are balling like athletes 😅.
The End
[Cover art created by myself]
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