A former Minister of Finance, Olusegun Aganga, has explained that the naira would continue to be weak if the country remains an import-dependent country.

Aganga speaking on Thursday at the 3rd Adeola Odutola lecture, during the 51st Annual General Meeting of the Manufacturers Association of Nigeria on Thurday said Nigeria must produce for local consumption and more importantly for export, for the naira to be strong.

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.

treesun:
A former Minister of Finance, Olusegun Aganga, has explained that the naira would continue to be weak if the country remains an import-dependent country.

Aganga speaking on Thursday at the 3rd Adeola Odutola lecture, during the 51st Annual General Meeting of the Manufacturers Association of Nigeria on Thurday said Nigeria must produce for local consumption and more importantly for export, for the naira to be strong.

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.


https://punchng.com/why-naira-is-in-free-fall-ex-minister-aganga/

kenny714433:
That's not even the problem. Imagine sinking all the money into failed industries that have large holes punctured by corruption.

Didn't Buhari swear to complete Ajekuta steel and Refineries? Wasn't millions sunk into the failed project?

Is Tinubu doing anything different?

When we complained about endemic corruption you called us Ipob. Now, they will give me a state in SE because I don't support the inept Tinubu.

Hate him or not, PO would have drastically reduced corruption in most sector of this country.

Okoroawusa:

Where has he done it before? With what pedigree? This is not about emotional or reverential support.
An importer can't be telling me that he wants to move to production and I will not ask him what he has produced before... think am nah!

tuborme:
It is called production… Peter Obi gave you the solution but you won’t hear!

LikeAking:
Nonsense!

Many other countries of the world depend on imports and they still do well.. Kindly check our Arab and North African brothers.

It’s all about management..

U no sabi, u no sabi, no be too talk, experience or degree..

Ventura1:
You mean solely on import?

FreeStuffsNG:
Talk is cheap o

kenny714433:


Keep the production aspect aside, let's discuss the point I raised earlier. Ask yourself, why are the industries not working despite all the money being sunk into them...

As a successful business owner, won't it be to look at the statistics available and make useful comparison to arrive at a reasonable conclusion? When PO was busy spitting fact and quoting data, didn't your Asiwaju ask Na statistics we go chop?

The very reason he came back and did exactly the same thing that others did and he's expecting a different result.

Look at PO records, corruption and government wastefulness would have significantly reduced.

If corruption is drastically reduced, don't you think all these government industries will start functioning?

tuborme:
It is called production… Peter Obi gave you the solution but you won’t hear!

Okoroawusa:

Where has he done it before? With what pedigree? This is not about emotional or reverential support.
An importer can't be telling me that he wants to move to production and I will not ask him what he has produced before... think am nah!

LikeAking:
Nonsense!

Many other countries of the world depend on imports and they still do well.. Kindly check our Arab and North African brothers.

It’s all about management..

U no sabi, u no sabi, no be too talk, experience or degree..

treesun:
A former Minister of Finance, Olusegun Aganga, has explained that the naira would continue to be weak if the country remains an import-dependent country.

Aganga speaking on Thursday at the 3rd Adeola Odutola lecture, during the 51st Annual General Meeting of the Manufacturers Association of Nigeria on Thurday said Nigeria must produce for local consumption and more importantly for export, for the naira to be strong.

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.


https://punchng.com/why-naira-is-in-free-fall-ex-minister-aganga/

ElSudani:


This is exactly what Tinubu's government is trying to do and some people are bent on frustrating him.

successmatters:


Lies will not kill you my brother, everything the drug baron has been wearing, driving and eating has come from abroad, 8mported with dollars, even the heroin.

ElSudani:


With all due respect you are talking nonsense.

Timothy89:
Naira continues fall because we are a consuming country than producing country


abeg since discovery of oil what has Nigeria export? discovery of oil make our leaders to be lazy, no innovation, just stay in abuja attend FEC meeting, share allocation then follow months same traits


no agricultural exports, rubbers among others because their reliance on crude oil won't made them think outside of the box



chop make I chop governance

Timothy89:
Naira continues fall because we are a consuming country than producing country


abeg since discovery of oil what has Nigeria export? discovery of oil make our leaders to be lazy, no innovation, just stay in abuja attend FEC meeting, share allocation then follow months same traits


no agricultural exports, rubbers among others because their reliance on crude oil won't made them think outside of the box



chop make I chop governance

kenny714433:
That's not even the problem. Imagine sinking all the money into failed industries that have large holes punctured by corruption.

Didn't Buhari swear to complete Ajekuta steel and Refineries? Wasn't millions sunk into the failed project?

Is Tinubu doing anything different?

When we complained about endemic corruption you called us Ipob. Now, they will give me a state in SE because I don't support the inept Tinubu.

Hate him or not, PO would have drastically reduced corruption in most sector of this country.

successmatters:


So, does it mean OBJ and Jonathan government had more local production? Why wasn't the dollar on a free fall then?