Why naira is crashing against major currencies - Ex-Minister Aganga gives reasons

Former minister of Finance, Olusegun Aganga believes the naira would continue to fall against the major currencies should Nigeria remain import-driven.

He noted that Nigeria must produce for local consumption and importation to strengthen the naira.

The former minister made this known in Lagos at the 3rd Adeola Odutola lecture, during the 51st Annual General Meeting of the Manufacturers Association of Nigeria.

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.

NBA