Aganga also charged President Tinubu to declare the industrial sector a national priority sector
By Kehinde Okeowo
Nigeria’s former minister of Industry, Trade, and Investment, Olusegun Aganga has given the reason why the naira has continued to depreciate despite the policies of the new administration.
According to him, the West African nation’s currency would continue to be weak as long as the country remains an import-dependent country.
Aganga, who also served as the Minister of Finance at some point, made this known in Lagos at the 3rd Adeola Odutola lecture, during the 51st Annual General Meeting of the Manufacturers Association of Nigeria (MAN).
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He went on to stress that Nigeria must produce for local consumption and more importantly for export, for the naira to appreciate and get stronger.
Speaking during the event, Agaga 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.”
He went on to charge the President Bola Tinubu-led 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 further said.
