Olusegun Aganga, a former minister of finance, has issued a warning that the country’s reliance on imports will result in the naira’s continued depreciation. Aganga stated that Nigeria needs to create for both internal consumption and export in order to have a strong naira during the 51st annual general meeting of the Manufacturers Association of Nigeria on Thursday.
Following President Tinubu’s exchange reforms, the local currency depreciated from around 450 to 760/dollar on the parallel market on Thursday.
However, Aganga questioned the wisdom of spending billions on defending the currency while it continues to depreciate, rather than investing in producing and exporting high-quality products that would generate more foreign income for Nigeria.
The former Minister urged the government to make the industrial sector a “national priority sector” and support it with strategies, policies, and resources.
He said, “Contrary to the billions of naira spent on subsidies and bailouts, the agri-anchor Borrowers programme, and refineries, I assure you that every single naira that is well-spent on these strategic industrial sectors will be easily recouped and will bring great prosperity to the economy and to the nation,” he said.
