Former Nigerian Finance Minister, Olusegun Aganga, has stated that the naira currency will continue witnessing a free fall as long as Nigeria remains an import-dependent nation.
![](https://thenigerialawyer.com/wp-content/uploads/2026/09/2026-IDRI-Masterclass.png")
Speaking on Thursday at the Manufacturers Association of Nigeria’s 51st AGM, Aganga said it is unwise to spend billions defending the naira without appropriate investment in manufacturing and exports.
Since President Bola Tinubu’s forex reforms scrapped the official rate, the naira has plummeted from 450 per dollar previously to over 760 and plunged further to 1045 on Thursday at parallel markets.
Aganga stressed that for the naira to regain strength, Nigeria must scale up local production for domestic consumption and exports rather than imports.
The former minister charged the government to declare the industrial sector a priority and back it with substantive policies and funding. He assured that every naira properly invested in strategic industries will deliver huge benefits and can be easily recouped.
Analysts echo Aganga’s viewpoint, noting that improving local productivity and reducing reliance on imports is key to stabilizing the naira. They advocate incentives to boost manufacturing and non-oil exports as a sustainable solution.
With the naira crisis generating growing concerns, experts like Aganga recommend focusing on expanding Nigeria’s export capacity as the path towards currency stability and self-reliance.
[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation
______________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
