Former Finance Minister Olusegun Aganga has stated that if Nigeria stays an import-dependent country, the naira will remain weak.
Aganga stated on Thursday at the 3rd Adeola Odutola lecture, held during the 51st Annual General Meeting of the Manufacturers Association of Nigeria, that for the naira to be strong, Nigeria must produce for both domestic consumption and, more crucially, export.
Following President Bola Tinubu’s exchange reforms, the local currency plummeted from around 450/dollar to an average of 760/dollar.
On the parallel market on Thursday, the local currency fell to 1045/dollar.
But Aganga speaking on the free fall naira said, “What is the wisdom in spending billions defending the naira when it continues to fall instead of investing in genuine manufacturers and exporters of high-value products that would earn Nigeria foreign income and more.”
The former Minister charged the government to declare the industrial sector a national priority sector and back it with plans, policies, and money.
“Unlike the trillions spent on subsidies, bailouts, the Agric Anchor Borrowers Programme, the refineries, I can assure you that every naira, no matter how large, that is well spent on the strategic industrial sectors can be easily recovered and will deliver tremendous benefits to the economy and the nation,” he said.