Political economist Pat Utomi has said the presidential campaign of Peter Obi and the Nigeria Democratic Congress (NDC) is proposing to strengthen the naira to N500 against the dollar if elected in 2027.
Utomi disclosed this in a post on X, explaining that the exchange-rate target forms part of the party’s economic blueprint aimed at tackling inflation, reducing poverty and restoring Nigerians’ purchasing power.
According to him, the proposed naira appreciation would be supported by investments in security, electricity and road infrastructure, as well as structural reforms designed to make the economy more competitive.
He projected that the plan could trigger significant reductions in the prices of essential commodities.
Under the proposed programme, a loaf of sliced bread currently selling for about N1,750 could fall to N800, while a 50kg bag of imported rice could drop from N55,000 to N27,500.
A medium-sized yam, he said, could reduce from N2,400 to N1,200, while a 50kg bag of maize could decline from N75,000 to N37,500. Plantain could fall from N2,500 to N1,250, while a whole chicken could drop from N7,000 to N3,500.
Utomi also projected that a dozen eggs could sell for N1,150 instead of N2,300, while a painter of garri could drop from N1,300 to N650. He added that petrol and cement would also become cheaper.
“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 said.
“It offers a direct, multi-faceted approach to curbing inflation, reducing poverty, and lowering the cost of living.”
Utomi added that the proposal represents the party’s “concrete plan to uplift the 140 million Nigerians currently experiencing multi-dimensional poverty.”
However, he did not state when the N500/$ target would be achieved or provide details of the monetary and fiscal measures required to sustain such an appreciation.
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