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 questioned the sense of spending billions protecting the naira when it keeps losing value rather than making investments in reputable producers and exporters of high-value goods that would bring Nigeria more and more foreign currency.
The previous minister demanded that the government designate the industrial sector as a national priority sector and support it with strategies, laws, and resources.
“Unlike the trillions spent on subsidies, bailouts, the Agric Anchor Borrowers Programme, and 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.