Obi’s 2027 economic plan targets N500/$1, says Utomi

Political economist and chieftain of the Nigeria Democratic Congress, Pat Utomi, says the party’s presidential candidate, Peter Obi, plans to strengthen the naira to N500 per dollar if elected in 2027. In a post on X on Thursday, he said the plan to strengthen the naira from its current level of about N1,350 to N500 per dollar would help control inflation, reduce poverty and boost Nigerians’ purchasing power.

“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 wrote. “It offers a direct, multi-faceted approach to curbing inflation, reducing poverty, and lowering the cost of living.” He projected that a loaf of sliced bread currently selling for N1,750 could fall to N800, while the price of a 50kg bag of imported rice could drop from N55,000 to N27,500.

Also, a medium-sized tuber of yam would decline from N2,400 to N1,200, while a 50kg bag of maize could fall from N75,000 to N37,500. Utomi further projected that a bunch of plantain would drop from N2,500 to N1,250, while the price of whole chicken could fall from N7,000 to N3,500. A dozen eggs could sell for N1,150, down from N2,300, while a painter of garri could decline from N1,300 to N650.

Utomi said the proposal reflected the party’s commitment to improving 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.