Pat Utomi proposes N500/$ naira target to cut food prices

Professor Pat Utomi, a chieftain of the Nigeria Democratic Congress (NDC), proposed a target exchange rate of N500 per dollar for the naira, projecting that this could lead to a 50% reduction in food prices. He outlined this proposal in a statement on his X account, framing it as part of the party's manifesto aimed at alleviating inflation, poverty, and the cost of living.

Utomi argued that a stronger naira, alongside improvements in security, electricity, and road infrastructure, would lower production and distribution costs and enhance market competition. The NDC's manifesto aims to strengthen the naira from approximately N1,350/$ to N500/$, which Utomi believes will ease economic pressures on households and improve living conditions for those in multidimensional poverty.

However, he acknowledged that achieving these targets depends on various factors, including foreign exchange supply and domestic production capacity. The proposal also includes potential price reductions for petrol and cement, linked to the broader goal of lowering living and production costs.