The growth of an economy is a product of labour, capital and technology. Labour engenders productivity. But Nigeria discarded this wisdom more than four decades ago to embrace indolence and rentiers with high tastes and insatiable appetites for foreign products
Dateline 1973, the Nigeria’s military government introduced Naira as a replacement to the pounds sterling that had served as legal tender since the British colonisation of the country. The exchange rate was two of the Naira to one pound. Up until 1985, and despite gradual degeneration of the economy, Nigeria's currency (naira) value was stronger than the US dollar. The average exchange rate then in 1985 was 0.894 to one dollar; that is, one dollar was only worth 89 kobo in Nigeria, thanks to the manufacturing companies that were producing, save to say up until early 90s.