The decision on whether to devalue or not has apparently split the country into two or should we say three? Those for devaluation, those anti devaluation and those who will rather have us float the naira all taking positions for or against or perhaps recommending a more radical approach.
It is also instructive to note that most of the people who have argued for or against have been those who do not have a “skin in the game” as they say. They are either social media commentators, arm-chair economist or people with theoretical views culled from ideas that have been put to practice in foreign countries. It’s not all the time we hear from market participants, especially those who take bold decisions on matter relating to imports or exports.
During the week the CEO of BUA Group, Abdulsamad Rabiu, CON, decided to weigh in on the devaluation argument. He penned a 1,671 article basically taking a stand on the foreign currency debacle facing Nigeria and what he believes should be done. More interestingly, he took a swipe at what he termed some “similar competitor ” in the industry who seems to be getting some form of favouritism from the CBN when it comes to accessing the dollars. In case you are wondering that Competitor is Aliko Dangote, Africa’s richest man and the owner of Dangote Cement. There is certainly no love lost between the two.
Here is a full excerpt of the article
I started reading the piece hoping to gain some insight on the state of the Naira from an industry leader. By the end it was clear this is just an attack on a competitor and an attempt at self promotion.