Olusegun Aganga, Nigeria’s former Finance Minister, has identified the enhancement of non-oil exports as a fundamental solution to the ongoing devaluation of the Naira, urging a swift pivot to export-centric economic policies.
Delivering a keynote at the Manufacturers Association of Nigeria (MAN)’s 51st Annual General Meeting, Aganga emphasized the urgency for Nigeria to diversify its exports beyond the traditional oil sector. He outlined a bold target: generating $72 billion through non-oil exports to achieve a competitive 15 percent export-to-GDP ratio.
“Nigeria lags significantly behind nations like Malaysia and China in terms of export diversity,” explained Aganga. This disparity underscores the need for a strategic overhaul, positioning Nigeria to leverage its untapped non-oil sectors effectively.
Aganga also urged a thorough reevaluation of the Nigeria Industrial Revolution Plan (NIRP). With powerhouse economies like China forging ahead with initiatives such as “Made in China 2025,” he stressed the necessity for Nigeria to redefine its industrial game plan.
Directing attention to policy restructuring, Aganga pressed for the declaration of industry as a national priority. “Investing in manufacturing and export will safeguard our economic future far more effectively than draining resources in a losing battle to defend the Naira,” he contended.
Looking outward, Aganga highlighted the African Continental Free Trade Area (AfCFTA) as a vital tool for Nigeria’s economic resurgence. While competing with economies like China requires substantial groundwork, he affirmed that proactive internal reforms could establish Nigeria as a formidable manufacturing hub within Africa.
The clarion call issued by Aganga resonates against a backdrop of economic uncertainty. By championing a shift from reactionary policies to foundational economic restructuring, he advocates a path that could not only stabilize the Naira but also secure Nigeria’s economic sovereignty.
