In a striking defense of Nigeria’s faltering currency, Tope Fasua, the Special Adviser on Economic Matters to President Bola Ahmed Tinubu, has characterized the weakening Naira as a transformative opportunity for the country. Fasua, speaking on an Arise TV interview on Monday night, asserted that the current exchange rate regime is driving positive change in critical areas of the economy.
According to Fasua, the depreciation of the Naira is compelling businesses to shift focus from imported materials to local raw materials, a move he believes will strengthen Nigeria’s manufacturing base.
“The weaker Naira has forced us to concentrate more on what the Naira can do and what we can produce locally,” Fasua stated during the broadcast. “Many manufacturing companies are now sourcing raw materials locally instead of relying on imports.”
Fewer Travels, Focused Aspirations
Fasua also highlighted how the weaker currency has inadvertently curtailed frequent international travel among Nigeria’s middle class. This, he argued, redirects resources toward local opportunities while addressing a pattern of excessive spending abroad.
“A lot of people aren’t traveling as many times as they would before, especially the middle class. Our middle class, in particular, assumed they could travel five or six times a year in business class,” Fasua said.
He pointed to the disproportionate number of Nigerian students in the United States and the United Kingdom as evidence of misplaced priorities.
“How come Nigeria is the third or fourth country with the highest number of university students in the U.K. and the U.S. of all the countries in the world? We’re rubbing shoulders with China, which has over a billion people, while we are only 200 million,” he remarked.
Fasua dismissed claims that this trend is solely due to Nigeria’s education system being subpar, attributing it instead to aspirations fueled by a culture of external validation.
“It is not necessarily a failure of our education system. It’s just aspiration,” he added.
A Shift in Perspective
The economic adviser also challenged Nigerians to recalibrate their expectations about national development, suggesting that critics are unfairly comparing Nigeria’s progress to Western nations with centuries of head starts.
“The fact that we are expecting our economy and society to be at par with countries that colonized us, who have had thousands of years of documented history, is preposterous,” Fasua argued. “Like a child learning to walk, we must grow steadily, and it will take time.”
His remarks come amid widespread criticism of the government’s handling of the economy, with many Nigerians lamenting the rising cost of living, inflation, and dwindling purchasing power.
Employment Opportunities Exist, Says Fasua
Fasua dismissed the notion that Nigeria lacks employment opportunities, claiming that those who are determined to work can find jobs.
“For people who have work and want to work, indeed, there’s work in this country,” he said.
This comment has sparked a heated debate, as many Nigerians struggle to find employment amidst the nation’s economic downturn. According to the National Bureau of Statistics, unemployment remains a pressing challenge, with many skilled graduates unable to secure meaningful jobs.
Balancing Optimism with Reality
While Fasua’s comments emphasize the potential silver linings of a weaker Naira, critics argue that the economic challenges facing Nigeria require more decisive action from policymakers.
“The government’s narrative about the weak Naira being beneficial does not align with the realities many Nigerians are facing,” said Chika Onyekachi, an economist based in Lagos. “Small businesses are grappling with the high cost of imported materials, and the inflationary pressures are eroding the value of earnings.”
Others have questioned the sustainability of Fasua’s optimism. With Nigeria’s dependence on oil revenues and its significant importation of goods, a weak Naira continues to exert pressure on the country’s trade balance.
A Historical Perspective
Fasua’s remarks echo previous government stances on currency devaluation. During the 1980s, under General Ibrahim Babangida’s Structural Adjustment Program (SAP), the Naira was deliberately devalued to stimulate local production and reduce dependency on imports. However, the policy led to mixed results, with critics blaming it for sparking inflation and deepening poverty.
Similarly, under President Muhammadu Buhari, the Central Bank of Nigeria (CBN) implemented multiple exchange rate regimes, which critics said created inefficiencies and encouraged round-tripping in the forex market. President Tinubu’s administration has since moved to unify exchange rates, a policy that has caused the Naira to weaken further but is intended to attract foreign investment.
