Weaker naira can help tourism, bail Nigeria out of recession

Early this year, when the naira started dropping in value to a dangerous low, I started dreading traveling abroad, especially to places like Great Britain. Since virtually all the airlines began to review their fares upward, occasioned by low naira exchange rate to international currencies, one really had no choice than to either stay at home or risk traveling and getting stranded in a foreign land. The situation worsened to a point when the exchange rate stood at N600 to £1, but there seems to be a moment of reprieve now. And this is coming from the planned exit of Britain from the European Union. 

With the BREXIT, the almighty pound sterling started to tumble, falling to its lowest level in 31 years. Travellers (especially those who pay in Dollars) now earn almost double of what they used to earn as a dollar now exchanges for £1.2 after the BREXIT referendum. Before BREXIT, a dollar exchanged for £1.8. I experienced this during my last trip to London between October 7 and 24 2016. I witnessed an unprecedented influx of passengers on the day I flew into London Heathrow Airport. Tourists, mostly from Asian countries, formed a long queue waiting for clearance at the entry points. It took me 40 minutes to get cleared, the first time I was experiencing such delay in recent years. 
 
The falling pound sterling was the reason tourists poured like bees into London this year’s summer time. They hopped from one shopping mall to another.  The British media had risen to the occasion. Like other businesses, they too exploited the slump in the pound to publish products that tourists couldn’t resist. 
 
The Guardian of London of October 11 2016, in a front-page story anchored by Rebecca Smithers, wrote: “The UK has recorded its biggest month for tourist visits after the referendum. Related slump in the pound lured 3.8million people to British shores in July-the highest month ever for overseas tourists who shelled out £2.5bn, 4 percent more than last year, according to new figures from the tourism agency Visit Britain.
  
“This has turned the UK into a cheaper destination for millions of foreign travelers wanting to shop for luxury goods or visit attractions ranging from ancient monuments to the Buckingham Palace.Many Britons are happy with this turn of events as Christopher Rodriques noted: “Tourism is a shining star in an uncertain world. As our fourth biggest service export, and one of our fastest growing sectors, tourism’s importance as a key economic driver and job creator is clear”
 
On the other hand, Simon Derrick, Chief currency strategist noted: “Though a weaker pound can boost exports and help re-balance the economy from being overly reliant on consumption rather than trade and investment, standard of living in the country could drop in coming months as inflation pushes higher.”
 
Against this background, one can deduce that the current recession in Britain engendered by BREXIT is a bag of mixed blessings as that decision has buoyed tourism, thus helping to stabilize the UK’s economy, in spite of the weakened purchasing power of many Britons.  Members of one group who are not complaining are those selling wares, which are daily smiling to the banks.
 
Coming back to Nigeria, the story flips to the opposite side with Nigerians reacting to the gripping recession in the country by groaning, lamenting and blaming government for all their woes. But should they keep wallowing in dejection when others across the globe are seeing recession as a door to prosperity?  Britain is one country hit by recession and has been taking every step to earn prosperity instead. Rather than weeping and sulking, Britons are taking everything in their stride, turning their adversity into opportunity.
 
The lesson here is that Nigeria has a lot to learn from Britain’s private sector, the academia, tourism industry, the media and entertainment sectors, among others, which took up the challenge to lead their way out of recession. The government only sets the standard. But in Nigeria, people blame government for everything. We seem to conveniently forget that we elected the government and chose the leadership. We therefore, need to stop our penchant for blaming the government for everything not working well. 
 
While conceding that the leadership needs to create an enabling environment –as in Britain – by providing adequate security and infrastructural facilities, which would attract investors and tourists that could help lead the nation out of recession, we cannot absolve ourselves of part responsibility in efforts to resuscitate the economy.