By Uche Nworah, Ph.D
It does appear as if I have been living in self-denial, aware of, but not willing to surrender to the use of artificial intelligence (Ai) in my writing. Up until now, I have always taken professional pride in my writing because they are my original thoughts and creative efforts.
I have never had to rely on Ai and other emergent applications in my writing. However, from the look of things, I may be in the minority.
I was privileged to moderate a session during the National Spokespersons Summit organized by the Nigerian Institute of Public Relations (NIPR), which held in Abuja in March 2024. The session was on impact of Ai on the Public Relations and Spokespersons profession. The session was quite illuminating. The lead speaker did expose the audience to emerging Ai tools and applications for communication practitioners.
You really don’t have to do anything these days as there are different Ai tools that can write press releases and essays for the PR and communications practitioner.
Some days ago, I wrote an essay on sustaining the naira rally which I shared on my Facebook page (@Dr. Uche Nworah). A friend of mine, Ike Chidolue, who resides in America read the essay, copied and processed it through an Ai application to generate a different, perhaps better version of the original essay.
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He forwarded the Ai version to me and I was amazed with the outcome. I have presented the two versions below for your further reading.
As I ponder if I should swallow professional pride and migrate to the use of Ai applications in my writing, I worry about the dangers and what Ai will do to people starting out in the PR, media and communications profession newly. People who without any firm grip on written English language chose to rely completely on Ai in their daily roles. Ai will make such people grammatically dumb and dumber. I am also worried about Nigerian students. With standards gradually declining by the day, if they have to rely on Ai for their term papers, essays, school projects, research projects and thesis, then we are in for much bigger problems.
Meanwhile I wrote this particular essay without the help of Ai, but I don’t know for how much longer.
(1) The Original Essay
Sustaining Naira Rally
By Uche Nworah, Ph.D
Whatever the federal government is doing to stabilize the naira, they should keep it up. Kudos!
The news this morning is that the World Bank has pre-qualified Nigeria for a ‘friendly’ $2.25B loan. It is ‘friendly’ because it comes at 1% interest rate over a 40-year term with 10 years moratorium. According to the Finance Minister, Wale Edun, “There is no such thing as free lunch but this is the closest you can get to free money. This is also part of the flow you can count. These measures are crucial for enhancing our fiscal resilience and ensuring long-term economic stability”.
Most importantly is what this ‘friendly’ loan will do to investor and development partners confidence. I also think that the government needs to deploy communication materials and also apply moral suasion in the effort to bring down the rate of the Naira against the dollar and other currencies.
Peter Obi once spoke of an experience he had at Harvard University. He spoke about how a Professor explained to him that love for currency of a country contributes to its positive exchange value. If people love their country’s currency, they will value it and defend it through their actions. They will want to keep and stock it against other currencies. That’s what the green back has against the Naira. Our people love the dollar a lot and carry it around. Some local businesses even demand payment in dollars. This is wrong and amounts to economic sabotage.
The idea of government officials including legislators always exchanging their Naira into dollars, preferring dollars as their store of value should be discouraged. If you go to the National Assembly, there is a Bureau De Change there. What is it doing there?
Long term future for Nigeria to stabilize the naira is to export more and earn foreign currency, and consume more internally produced products and services, against imported ones. We should as a matter of urgency stop importing refined crude products. These all contribute to excessive dollar demand which impacts negatively on the Naira.
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(2) Ai Version Of The Essay
Sustaining the Naira Rally: A Path Toward Economic Resilience
In a significant economic development, the Nigerian government has received a nod from the World Bank for a “friendly” $2.25 billion loan. This loan, characterized by a 1% interest rate over a 40-year term with a 10-year moratorium, was described by Finance Minister Wale Edun as “the closest you can get to free money.” This gesture from the World Bank not only enhances Nigeria’s fiscal resilience but also signals a robust endorsement of the government’s current economic strategies aimed at stabilizing the national currency, the Naira.
Enhancing Investor Confidence
The terms of the loan are poised to significantly boost investor confidence. As investor sentiments strengthen, there will likely be a more considerable influx of investments, further stabilizing the Naira. The government’s role in deploying effective communication strategies cannot be overstated. Persuasive communication and moral suasion are vital in influencing public perception and behavior towards the Naira, particularly in reducing its exchange rate against dominant currencies like the dollar.
Cultural Valuation of Currency
Peter Obi, citing an experience at Harvard University, highlighted an often-overlooked aspect of currency valuation: national sentiment. The inherent respect and preference for a country’s currency positively influence its international standing. In Nigeria, the prevalent preference for the US dollar over the Naira not only undermines the local currency but also fosters economic instability. Addressing this cultural inclination is crucial for economic policy and currency stabilization.
Legislative and Policy Reforms
The presence of a Bureau De Change within the National Assembly is indicative of a broader systemic issue where government officials frequently convert their Naira earnings into dollars. This practice, albeit practical for the individuals, undermines the Naira’s value. Legislative reforms to curb such practices and encourage the retention of wealth in local currency are imperative.
Promoting Local Industries and Reducing Imports
The future of Nigeria’s economic stability lies in strengthening its export sectors and reducing dependency on imported goods, particularly refined crude products. The excessive demand for dollars, driven by high import rates, continually devalues the Naira. By promoting local industries and consumer products, Nigeria can reduce this dependency, thereby stabilizing and strengthening its currency.
Conclusion
The recent developments, highlighted by the World Bank’s support, provide a hopeful outlook for Nigeria’s economic stability. However, for sustained success, a multi-faceted approach involving legislative action, cultural shifts, and economic policy is essential. The journey to a stronger Naira is not solely in the hands of policymakers but also in the cultural and practical decisions made by every Nigerian. This collective effort is the cornerstone of a stable and prosperous economic future for Nigeria.
