2027: Obi’ll Strengthen Naira To N500/$1, Halve Prices Of Goods If Elected – Utomi

Political economist and chieftain of the Nigeria Democratic Congress (NDC), Prof. Pat Utomi, has projected that the naira, petrol price could appreciate to N500 per dollar and prices of essential commodities could fall by half if the party’s presidential candidate, Peter Obi, wins the 2027 election.

Utomi said the proposed exchange rate target forms part of the NDC’s economic agenda, which he believes would ease inflation, reduce poverty and improve Nigerians’ purchasing power.

In a post on X, the economist said strengthening the naira from its current level of about N1,350 to N500 against the dollar would be a central component of the party’s proposed strategy to reduce the cost of living.

He said the plan would be supported by investments in security, electricity and road infrastructure, as well as structural reforms aimed at improving market competitiveness.

Utomi projected that the proposed measures would significantly reduce the prices of food, fuel and other essential commodities.

According to him, a loaf of sliced bread currently selling for N1,750 could drop to N800, while the price of a 50kg bag of imported rice could decline from N55,000 to N27,500.

He also projected that a medium-sized tuber of yam could fall from N2,400 to N1,200, while a 50kg bag of maize could drop from N75,000 to N37,500.

Similarly, Utomi said a bunch of plantain could decline from N2,500 to N1,250, while the price of a whole chicken could fall from N7,000 to N3,500.

He added that a dozen eggs could become available for N1,150, down from N2,300, while a painter of garri could drop from N1,300 to N650.

Petrol and cement were also identified as commodities expected to become cheaper under the proposed economic programme. Utomi said petrol, currently selling at N1,350 per litre, would drop to N500 per litre, while the price of a 50kg bag of cement, which he put at N13,500, would fall to N2,000.

“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.”

The economist said the proposal reflected the party’s intention to improve living conditions, particularly for Nigerians experiencing multidimensional poverty.

“It clearly demonstrates our concrete plan to uplift the 140 million Nigerians currently experiencing multi-dimensional poverty,” he added.

However, Utomi did not state when the proposed N500-to-one-dollar exchange rate would be achieved or provide details of the monetary and fiscal policies required to sustain such an appreciation.

As of Friday, the naira traded at N1,346.86 per dollar at the official Nigerian Foreign Exchange Market (NFEM), while the dollar sold for about N1,385 in the parallel market.

Based on the official rate cited, the proposed target would require the naira to appreciate by approximately 63 per cent against the dollar.

The proposal comes amid ongoing concerns about the rising cost of living following major foreign exchange and other economic reforms introduced by President Bola Tinubu’s administration after it assumed office in 2023.

The reforms, including changes to the foreign exchange regime and the removal of the petrol subsidy, contributed to significant price pressures on households and businesses.