A former Special Assistant to ex-president Goodluck Jonathan, Reno Omokri, has called on Nigerians to patronise the country's brands in order to grow the value of its legal tender, the naira.

Omokri, who is also an author and social media influencer, made the appeal in a post on his official Twitter handle @renoomokri, on Thursday, July 20, 2023, noting that Nigerians low patronage of its national and local brands has led to foreign brands dominating its economy, an act he describes as "an economic sabotage."

Taking to his Twitter handle, he wrote: "Please research this. When British BAE Systems won a $5 billion contract recently, it had an IMMEDIATE impact on the value of the British Pound. The same thing happened to the US dollar when Lockheed Martin won an $8 billion contract to deliver 126 F-35 military aircraft to various European countries some months back.

"Globacom Nigeria Limited, Dangote Group, NASCO, Air Peace, First Bank, etc, are our own British BAE Systems and Lockheed Martin that will shoot up the value of the Naira. By patronising them, you are helping yourself!" he added.

Tweeting further, he said, "Look, is it not a shame to us, as Nigerians, that of the ten biggest companies on the Nigerian Stock Exchange, MTN Nigeria Limited is number one with a total market capitalisation of ₦5.565 trillion? Please fact-check me. I deal in facts, not conjecture!

"MTN Nigeria Limited accounts for 16.76% of Nigeria's stock market because Nigerians do not know the value of patronising their own. If Globacom Nigeria Limited controlled 16.76% of our stock exchange, our Naira would have appreciated by at least 50%. Airtel is the second largest company in Nigeria's stock exchange, with a total market capitalisation of ₦N4.960 trillion, thereby controlling 14% of our stock market. Dangote Group comes a distant third.

"Meanwhile, there is not one Nigerian company amongst the top 100 firms in the South African stock market, known as the Johannesburg Stock Exchange. Please, fact-check me. How can Nigeria's bucket be full when we have different pipes and hoses redirecting our water to South Africa and other countries?" he queried.

Omokri further indulge Nigerians not to surrender the value of their currency to foreigners but that they (Nigerians) should be ready to "make sacrifices"

"As far as I am concerned, it is economic sabotage for you as a Nigerian to use an MTN, Airtel, or Etisalat line when you can use a Glo line. It is in your interest to do so. The value of a nation's currency is dependent on its military-industrial complex. And Nigeria is surrendering hers to foreigners because of our insatiable thirst for foreign goods and services.

"Make a sacrifice today. Port from MTN, Airtel, or Etisalat to Glo and watch the Naira grow with pride. Get your money out of Stanbic Merchant Bank and into First Bank, UBA, Guaranty Trust Bank and any other fully Nigerian-owned bank. Shop with your local market woman instead of Shoprite and any other store selling imported groceries. Turn your TV dial away from Multichoice, SABC and DSTV and instead watch AriseTV and Channels. Wear Babanriga, Agbada, Senator, and Etibo made with Nigerian fabric instead of Gucci, Balenciaga, Hermès, Armani, and Louis Vuitton.

"And even if it will be difficult for you, start promoting Enyimba F.C. Shooting Stars, Sharks of Port Harcourt and Kano Pillars. I know it will be hard to wean yourself off the English Premier League, the Serie A and La Liga, but have confidence in me when I say that a stadium full of Nigerians watching Enyimba F.C. win the NPFL has more impact on the value of the Naira than an Emirates Stadium filled with our people in London."

In summary, he added: "My message is simple. If you want the Naira to increase in value, you must increase your patronage of made-in-Nigeria goods and services!"

Source: Twitter @renoomokri 

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