On TV, on radio and on newspapers, I keep hearing people say the increased dollar rate and oil price slump will help us develop our manufacturing industry and export more. This is not true on a national basis.
If you have a Cocoa plantation, it will be true for you. If you already manufacture something exportable and already have the resources and experience, then you'll benefit from the high dollar rate. So in the end, it's mostly the businesses already exporting their products before the Naira fell who will benefit from the current situation. People like me and you can't suddenly plug in to benefit, and we constitute the majority.
A significantly big business needs three things to exist profitably:
- scale via expensive equipment/plant
- huge initial capital investment
- production/industry experience (there's always a learning curve)