Political economist and chieftain of the Nigeria Democratic Congress (NDC), Professor Pat Utomi, says Peter Obi, the party’s presidential candidate, plans to strengthen the naira to N500 per dollar if elected president in 2027.
Gatekeepers News reports that Utomi said the proposed exchange rate target formed part of the party’s economic agenda aimed at reducing inflation, tackling poverty and improving Nigerians’ purchasing power.
In a post on X, the economist said the plan would involve strengthening the naira from about N1,350 to N500 against the dollar, alongside investments in security, electricity and road infrastructure, as well as structural reforms to improve market competitiveness.
He described the proposed exchange rate adjustment as a strategy for reducing the cost of living, saying, “We are convinced that targeting a strategic appreciation of the exchange rate by reasonably strengthening it from ₦1,350/$ to ₦500/$ as part of our manifesto is a winning strategy.”
“It offers a direct, multi-faceted approach to curbing inflation, reducing poverty, and lowering the cost of living,” he added.
Utomi also projected significant reductions in the prices of essential commodities under the proposed economic programme.
He said a loaf of sliced bread currently selling for N1,750 could drop to N800, while a 50kg bag of imported rice could decline from N55,000 to N27,500.
He further projected that a medium-sized tuber of yam would fall from N2,400 to N1,200, while a 50kg bag of maize could drop from N75,000 to N37,500.
Similarly, a bunch of plantain currently selling for N2,500 could decline to N1,250, while the price of a whole chicken could fall from N7,000 to N3,500.
He added that a dozen eggs could reduce from N2,300 to N1,150, while a painter of garri could drop from N1,300 to N650.
Utomi said the proposal reflected the party’s commitment to improving the living conditions of Nigerians, particularly those experiencing multidimensional poverty.
“It clearly demonstrates our concrete plan to uplift the 140 million Nigerians currently experiencing multi-dimensional poverty,” he said.
However, Utomi did not specify a timeline for achieving the proposed exchange rate or outline the monetary and fiscal measures required to sustain the appreciation.
Meanwhile, Segun Showunmi, a member of the All Progressives Congress Presidential Campaign Council, criticised the proposal, describing it as “an elementary misunderstanding of exchange-rate economics and the mechanism of price formation”.
Showunmi argued that currency appreciation would not automatically translate into a 50 per cent reduction in commodity prices, noting that the cost of goods also depends on production, transportation, energy and distribution expenses.
He said a stronger naira could reduce the cost of imported inputs but maintained that the proposed price reductions required a clearer economic justification.
