Former minister of Finance, Olusegun Aganga has said the
naira would continue to be weak if the country remains an import-dependent
country.
According to him, Nigeria must produce for local consumption
and more importantly for export, for the naira to be strong.
Aganga spoke 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.
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