Former Finance Minister Olusegun Aganga asserted that the continued weakness of the naira is intrinsically linked to Nigeria’s heavy dependence on imports.
Speaking at the 3rd Adeola Odutola lecture during the 51st Annual General Meeting of the Manufacturers Association of Nigeria, Aganga emphasized the necessity for Nigeria to bolster its production, not only for local consumption but also for export, in order to fortify the naira.
The naira’s value depreciated from approximately 450 per dollar to an average of 760 per dollar following President Bola Tinubu’s exchange reforms.
On Thursday, it further plummeted to 1045 per dollar in the parallel market.
Aganga criticized the logic of expending substantial resources to defend the naira while it continues to weaken, advocating instead for investments in genuine manufacturers and high-value product exporters, which could generate foreign income for Nigeria.
He called upon the government to accord the industrial sector the status of a national priority and provide it with comprehensive plans, policies, and financial support.
Aganga contended that every naira judiciously invested in the strategic industrial sectors can be recuperated and deliver substantial economic benefits, in stark contrast to the vast sums spent on subsidies, bailouts, the Agric Anchor Borrowers Programme, and refineries.
