Former Nigerian Minister of Finance, Olusegun Aganga, has stated that the naira will remain weak as long as Nigeria remains an import-dependent country, the PUNCH reports.
Speaking during the 3rd Adeola Odutola lecture at the 51st Annual General Meeting of the Manufacturers Association of Nigeria on Thursday, Aganga emphasized the importance of boosting local production, both for domestic consumption and export, in order to strengthen the naira.
The PUNCH reports that the local currency fell from about 450/dollar to an average of 760/dollar following the exchange reforms of President Bola Tinubu.
The local currency plunged to 1045/dollar on Thursday at the parallel market.
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.