Against the backdrop of the continuous depreciation of the Naira following the new foreign exchange market policy, a former Minister of Finance, Mr Olusegun Aganga, has said that the only way to strengthen the nation’s currency is to increase productivity and capacity, and become export-oriented.
He added that for Nigeria to achieve 15 percent export to gross domestic product ratio, it needs to earn about $72 billion from non-oil exports. According to him, there is a need to update the Nigeria Industrial Revolution Plan , noting that almost all the global exporters, and in particular Nigeria’s competitors for the African market now have a new plan.
Aganga tasked the federal government to declare the industrial sector a national priority sector, asserting that investment in manufacturing is better than spending billions of dollars to defend the Naira.