Nigeria’s decision to float the naira without building a solid local production base has wrecked household incomes and wiped out the middle class. Former Cross River State Governor Donald Duke delivered this assessment on Monday, arguing that market-driven exchange rates only work when backed by strong exports. Currency floats punish nations that rely heavily on foreign imports for basic economic survival.
The Peoples Redemption Party presidential candidate noted that floating a currency creates immense wealth for nations with surplus goods to trade overseas. Importers in non-productive economies simply pass high currency costs onto local consumers. Millions of citizens now struggle to afford daily necessities as food prices and import bills soar out of reach.
A country cannot achieve economic stability by consuming goods produced elsewhere while exporting minimal local value. Duke warned that current monetary policies reward foreign suppliers while starving domestic factories of vital raw materials. State intervention must prioritise industrial growth, power supply, and agricultural output over financial speculation.
Government spending metrics show that public budgets failed to expand alongside rapid population growth over past decades. The nation spent roughly 25 billion dollars annually during the early 1980s when it supported 70 million citizens. Spending equivalent sums today for over 200 million people leaves public services severely starved of funds.
Persistent economic stagnation fuels widespread poverty, which directly feeds security challenges across rural communities. Banditry, kidnapping, and violent crime stem from deep economic desperation and a lack of job opportunities for youth. Policymakers must focus on restoring public safety to allow rural farmers to return to their fields without fear.
Fixing the economy requires deliberate leadership focused on boosting productivity rather than managing financial abstractions. Political leaders must unite behind a clear economic plan that turns local resources into finished commercial products. Without a sharp shift toward domestic manufacturing, structural poverty will continue to deepen across the nation.