Nigeria’s currency has been hit hard by the global slump in oil prices and Nigerians are cashing in on the trend to promote local products using Twitter hashtags #BuyNaijaToGrowTheNaira and #BuyNigerian.
Oil prices are plunging fast, and few countries are feeling the pinch more than Nigeria.
Crude prices have fallen by 75 percent, and Nigeria, Africa’s biggest oil producer, is now losing money by pumping it. Just last week, the government announced it’s looking to borrow up to $9 billion to plug the gaps in its shrinking finances.
The slump has led to massive cuts in foreign currency, and exchange dealers are offering rates much higher than the official 199 naira per U.S. dollar. Imported goods are quickly becoming unaffordable.
Nigerians are taking to Twitter to bring their economy back from the brink, using the hashtags #BuyNaijaToGrowTheNaira and #BuyNigerian to promote local crafts and products, in the hope that it will bring a much-needed boost to the nation’s economy.
Twitter users are showcasing everything from “Made in Nigeria” sunglasses to buses and beds.
For some, #BuyNaijaToGrowTheNaira is about being proud of Nigerian brands, and encouraging start up businesses to provide jobs for the young.