2027: Obi can crash dollar to ₦500, cut food prices — Utomi

Political economist and chieftain of the Nigeria Democratic Congress (NDC), Prof. Pat Utomi, has said Peter Obi, the party’s presidential candidate, could strengthen the naira to ₦500 per dollar if elected president in 2027, with projected reductions in the prices of food and other essential commodities. Utomi said the exchange rate target formed part of the party’s proposed economic agenda, which he believes would help curb inflation, reduce poverty and improve Nigerians’ purchasing power. In a post on X, he said the proposed appreciation of the naira would be supported by investments in security, electricity and road infrastructure, alongside structural reforms to improve market competitiveness. “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,” Utomi said. “It offers a direct, multi-faceted approach to curbing inflation, reducing poverty, and lowering the cost of living.” Under the proposal, Utomi projected that the price of a loaf of sliced bread could fall from ₦1,750 to ₦800, while a 50kg bag of imported rice could drop from ₦55,000 to ₦27,500. He also projected that a medium-sized tuber of yam would decline from ₦2,400 to ₦1,200, while a 50kg bag of maize could fall from ₦75,000 to ₦37,500. The proposed price reductions extend to other household staples. Utomi estimated that a bunch of plantain could drop from ₦2,500 to ₦1,250, while whole chicken could fall from ₦7,000 to ₦3,500. He further projected that the price of a dozen eggs would decline from ₦2,300 to ₦1,150, while a painter of garri could fall from ₦1,300 to ₦650. He also listed petrol and cement among the commodities expected to become cheaper under the proposed economic programme but did not provide specific price targets for them. Utomi said the proposal demonstrated the party’s intention to improve the living conditions of Nigerians, particularly those facing severe economic hardship. “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 naira at ₦500 per dollar. As of Friday, the naira traded at ₦1,346.86 per dollar at the official Nigerian Foreign Exchange Market (NFEM), while the dollar sold for about ₦1,385 in the parallel market, according to figures cited in the report. At the official market rate, the proposed ₦500 target would require the naira to appreciate by approximately 63 per cent. The proposal comes amid continuing debate over the economic impact of the foreign exchange reforms introduced by President Bola Tinubu’s administration in 2023. The subsequent depreciation of the naira contributed to higher import costs and increased pressure on household budgets. Although a stronger naira could reduce the local cost of imported goods and some production inputs, the extent to which such gains would translate into lower retail prices would depend on factors including supply costs, transport, energy, market competition and businesses’ pricing decisions. Tags:

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