Since the 1980s, the devaluation of the Nigerian currency has never augured well with the country and its people. One of “IMFs conditionalties” is usually the devaluation of a loan applicant country’s currency in order for them to be granted such loan. However, it is not really very difficult for a promising economy like Nigeria’s to woo investors in the critical (agricultural and manufacturing) sectors of the economy from around the world despite the purported high value of the Naira.

All that the government needs to do is provide the enabling environment by making sure that the basic socio-economic infrastructures, especially energy and transportation are in place and functional, as well as ensure security of both life and property, while sealing it up with a policy package that would guide all operations. With that done, the country would not have to struggle with attracting serious investments across the country, even from the most sceptical countries of the world.

It seems the strength and relative stability of the Naira and the Nigerian economy in recent times has become a threat and source of worry to the world financial “watchdog”, IMF. However, interestingly, the Nigerian government and Nigerians as a whole have rejected the call for Naira’s devaluation as the International Monetary Fund-IMF cannot take such a decision for Nigeria neither can they force the country into same.

The government is fully aware that the long-run consequence of succumbing to IMF’s instruction could be disastrous as the pay-back day would eventually become an opportunity for the lender(s) to negotiate more deals as usual. It could even be worse than that; as the Igbo of Eastern Nigeria say, “olu e jiri biri aku a bughi olu e ji akwu ya”, meaning that the voice tone used in borrowing money is never the one used in repaying the debt. In other words, it could be very easy to borrow, but paying back is never as easy.

The benefit of this call by the IMF would be positive for lenders and the industrialized economies who may not want competition of any kind with Nigeria, a potential economic hub in Africa. Therefore, they would not want to lose their grip on Nigeria and Africa whenever the country begins to experience some sort of sufficiency, especially in the manufacturing sector. Considering how long it took Nigeria to secure debt cancellation under Mrs Ngozi Okonjo-Iweala as the Finance Minister, one would suggest that there is no need to create an enabling environment for further indiscriminate borrowing and mortgage of the future of unborn Nigerians?

The most Naira’s devaluation has ever done over the past three decades has been the increment in foreign burdens, promotion of importation of finished goods, including substandard products, leading to the unfortunate winding up of local/indigenous industries country-wide. The wisdom with which the Governor of the Central Bank of Nigeria-CBN, Mallam Sanusi Lamido Sanusi addressed the issue is highly commendable.

This is the kind of leadership Nigeria needs at this age-responsibility! Yes, because the era of total subjection to the will of IMF is gone as central banks worldwide have monetary policies that guide their operations and the CBN wouldn’t be any different. In rejecting the IMF’s call, the apex bank’s boss said on Monday, 21 February, 2011 that the Naira was “not overvalued”, thereby rejecting the call to “weaken” the currency.