Professor Pat Utomi, a political economist and stalwart of the Nigeria Democratic Congress (NDC), has revealed that presidential hopeful Peter Obi intends to drive the exchange rate to N500 per dollar. According to him, this economic strategy will drastically lower the cost of basic food items, bringing down the price of a painter of garri from its current N1,300 to N650.
Utomi said the proposed exchange rate target formed part of the party’s economic agenda, which he believes would ease inflation, reduce poverty and improve Nigerians’ purchasing power.
He said the proposed exchange rate policy would go alongside investments in security, electricity and road infrastructure, as well as structural reforms aimed at improving market competitiveness. In a post on his X account, Utomi said that strengthening the naira from about N1,350 to N500 per dollar would help lower the cost of living. He projected that the measures would significantly reduce the prices of food items and other essential commodities. The NDC chieftain estimated that a loaf of sliced bread currently selling for N1,750 could fall to N800, while the price of a 50kg bag of imported rice could drop from N55,000 to N27,500. He also projected that a medium-sized tuber of yam would decline from N2,400 to N1,200, while a 50kg bag of maize could fall from N75,000 to N37,500. He said a bunch of plantain could drop from N2,500 to N1,250, while the price of a whole chicken could reduce from N7,000 to N3,500. Utomi also projected that a dozen eggs would cost N1,150, down from N2,300, while a painter of garri could fall from N1,300 to N650. He also listed petrol and cement among the commodities expected to become cheaper under the proposed economic programme. Nigeria’s currency under President Bola Tinubu was significantly devalued in 2023 after his administration introduced reforms that unified the exchange rate windows and allowed market forces to play a greater role in determining the value of the naira. As of Friday, October 30, the naira traded at N1,346.86 per dollar at the official Nigerian Foreign Exchange Market, while the dollar exchanged for about N1,385 in the parallel market. Explaining the party’s exchange rate target, Utomi said: “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.” He added: “It offers a direct, multi-faceted approach to curbing inflation, reducing poverty, and lowering the cost of living.” The political economist said the proposal reflected the party’s intention to improve living conditions, particularly for Nigerians facing multidimensional poverty. “It clearly demonstrates our concrete plan to uplift the 140 million Nigerians currently experiencing multi-dimensional poverty,” he said.
What You Should Know
Professor Pat Utomi has outlined an ambitious economic blueprint for the 2027 presidential ambition of Peter Obi under the Nigeria Democratic Congress (NDC). The core of this plan involves aggressively strengthening the Nigerian naira to N500 per dollar from its current rate, which proponents argue will combat biting inflation, alleviate multidimensional poverty, and drastically improve the purchasing power of average citizens.
- Positive Impact: If successfully implemented, everyday Nigerians could experience significant financial relief through steeply reduced market prices for vital staples such as rice, garri, bread, yams, and cooking fuel, making basic survival more affordable for low-income households.
- Potential Concerns: Critics and economic analysts often view such drastic exchange rate targets as overly ambitious or difficult to achieve without severe market distortions, foreign reserve depletion, or unintended disruptions to ongoing macroeconomic reforms.
