Olusegun Aganga, a former minister of finance, predicted that the naira would stay weak if Nigeria continued to be an import-dependent nation.
For the naira to be strong, in his opinion, Nigeria must produce both for domestic consumption and, more crucially, for export.
At the Manufacturers Association of Nigeria's 51st Annual General Meeting, Aganga delivered the third Adeola Odutola lecture in Lagos.
He wondered, “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.
✍️“feel free to disagree in the comments 👀 ☝️👆 & let JAIYEORIE know what U think!” 📎
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