Former Finance Minister, Olusegun Aganga, has pointed out that the persistent drop in the value of the naira can be attributed to Nigeria’s heavy reliance on imports.
He emphasized the importance of shifting towards local production and, notably, boosting exports to strengthen the naira.
During his speech at the 3rd Adeola Odutola lecture held during the 51st Annual General Meeting of the Manufacturers Association of Nigeria in Lagos, Aganga questioned the rationale behind spending significant sums to defend the naira when its value continues to decline.
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He advocated for investments in genuine manufacturers and exporters of high-value products that could generate foreign income for Nigeria.
Aganga called for the government to designate the industrial sector as a national priority and allocate resources, policies, and plans to support its growth.
He suggested that prioritizing this sector and wisely allocating resources could offer substantial economic benefits and recovery, in contrast to the vast amounts spent on subsidies, bailouts, and other programs.
