Idumuje-Ugboko, Delta State – Senator Prince Ned Nwoko, representing Delta North Senatorial District, is championing two crucial bills that deserve the support of all Nigerians. These legislative proposals—a social media regulation bill and a bill to stop the use of foreign currencies for transactions within Nigeria—are designed to strengthen Nigeria’s economy, national pride, and technological standing.
At a recent meeting, Senator Nwoko made a compelling case for why these bills are critical for Nigeria’s growth and independence.
Regulating Social Media for Jobs, Justice, and Accountability
The first bill seeks to introduce rules for social media operation in Nigeria, akin to what is practiced in countries like the U.S., U.K., and Japan. Nwoko argues that social media regulation is necessary to create local jobs, foster technological exchange, and curb the spread of fake news. He envisions a scenario where global tech giants such as Facebook, Instagram, and X (formerly Twitter) establish offices within Nigeria, creating thousands of jobs for Nigerians and injecting substantial tax revenue into public services and infrastructure development. “Imagine Facebook opening an office in Lagos, Abuja, or Asaba, employing 5,000 people with good salaries,” he stated.
This measure goes beyond job creation—it opens the door for technology transfer, empowering Nigerian engineers and tech professionals to learn from some of the world’s leading technology firms. Countries like China and South Korea became leaders in electronics and automobile manufacturing by collaborating with foreign firms and adapting their technologies. Nwoko believes Nigeria can replicate this success.
A local presence of social media companies would also make legal processes more accessible to Nigerians. Presently, seeking justice for defamation or other issues on these platforms is a costly and cumbersome endeavor due to the absence of physical offices. Establishing offices in Nigeria would ensure these companies become more accountable and could significantly reduce the spread of fake news.
Promoting National Economic Independence Through Currency Reform
Nwoko’s second bill addresses Nigeria’s dependence on foreign currencies for domestic transactions, which he terms a “colonial mindset.” He is particularly concerned about the disparity in pay between foreign workers and their Nigerian counterparts. “Why should foreign workers get paid in dollars, while Nigerians are paid in naira?” he questioned. This practice, he argues, erodes the value of the naira and creates an imbalance in economic equity within the country.
By mandating that all transactions within Nigeria be conducted in naira, Nwoko believes that Nigeria can boost its economy and strengthen the global standing of its currency. This would lead to increased demand for the naira abroad, as international traders and investors would need it to do business in Nigeria. Over time, the naira could become widely accepted in major global markets, reducing Nigerians’ need to exchange their currency for dollars when traveling.
Furthermore, Nwoko pointed out how using foreign currencies in sectors like oil and gold diminishes the value of the naira. “Selling our resources for dollars lowers the naira’s value,” he explained, arguing that shifting away from such practices would restore economic sovereignty.
The Senator also criticized Nigeria’s reliance on foreign reserves, which are predominantly held in Western countries. “Our reserves are in the U.S., but does America have reserves in Nigeria? No,” he remarked. He sees this as a vestige of colonial rule that continues to weaken Nigeria’s economic power. Nwoko advocates for using Nigeria’s reserves to build local wealth and stability, rather than propping up foreign economies.
A Vision for a Self-Reliant Nigeria
Senator Nwoko’s legislative goals are driven by a desire to create a self-sufficient, prosperous Nigeria. His track record of service, including recovering billions for the country through the Paris Club Refund, demonstrates his commitment to national interests. His advocacy for social media regulation and currency reform is not about personal gain but about reshaping Nigeria’s economic and technological landscape for the better.
By supporting these bills, Nigerians can pave the way for a more independent and resilient nation—one that values its currency, creates jobs for its citizens, and holds global corporations accountable. It is time for Nigerians to rally behind Senator Nwoko’s vision of a stronger, self-sufficient Nigeria. Together, these reforms can set us on a path toward greater economic pride and technological leadership.
