2027 Obi’s Economic Plan Targets N500/$1 Exchange Rate, Says Utomi

2027 Obi’s Economic Plan Targets N500/$1 Exchange Rate, Says Utomi Political economist and chieftain of the Nigeria Democratic Congress (NDC), Professor Pat Utomi, has disclosed that Peter Obi’s economic agenda ahead of the 2027 presidential election targets strengthening the naira to N500 against the United States dollar. Utomi said the proposed exchange-rate target forms part of the party’s economic manifesto and is designed to reduce inflation, tackle poverty and improve Nigerians’ purchasing power. In a statement published on his X account, the economist explained that strengthening the naira from approximately N1,350 to N500 per dollar would help reduce the cost of essential commodities and ease the financial burden on households. He said the proposal would be supported by investments in security, electricity and road infrastructure, alongside structural reforms to improve market competitiveness.As part of the proposed economic programme, Utomi projected that prices of several essential food items could decline significantly if the exchange-rate target and accompanying reforms were achieved.

• Sliced bread: From N1,750 to N800.
• Imported rice (50kg): From N55,000 to N27,500.
• Medium-sized yam: From N2,400 to N1,200.
• Maize (50kg): From N75,000 to N37,500.
• Bunch of plantain: From N2,500 to N1,250.
• Whole chicken: From N7,000 to N3,500.
• A dozen eggs: From N2,300 to N1,150.
• Painter of garri: From N1,300 to N650.

Utomi also listed petrol and cement among the commodities expected to become cheaper under the proposed economic agenda. He argued that reducing the cost of essential goods would improve household welfare and restore purchasing power, particularly among Nigerians experiencing multidimensional poverty. Beyond exchange-rate appreciation, Utomi identified improvements in security, electricity supply and road infrastructure as important components of the proposed economic strategy. He argued that better security would support agricultural production by protecting farmers and enabling access to farming communities.Improved electricity supply, according to the proposal, would reduce operating costs for manufacturers and businesses, while better roads would lower transportation and distribution expenses. The economist maintained that these interventions, combined with structural reforms, would help improve productivity and reduce the cost of living. Utomi described the proposed currency appreciation as a strategic approach to addressing Nigeria’s economic difficulties. He said: “We are convinced that targeting a strategic appreciation of the exchange rate by reasonably strengthening it from N1,350/$ to N500/$ as part of our manifesto is a winning strategy.” He added that the proposal offered a direct approach to curbing inflation, reducing poverty and lowering the cost of living. However, Utomi did not provide a specific timeline for achieving the proposed exchange rate or detailed monetary and fiscal measures required to sustain the target. The proposal comes amid continuing debates over the cost of living, exchange-rate stability, food affordability and economic reforms ahead of the 2027 general elections. At the time of the announcement, the naira was trading at approximately N1,346.86 per dollar at the official foreign exchange market. Achieving the proposed N500 exchange rate would require substantial appreciation of the domestic currency. The proposal remains an economic campaign target, with its eventual implementation dependent on factors including foreign exchange supply, export earnings, productivity, monetary policy and investor confidence. Utomi’s announcement adds another major economic policy proposal to the debate over the direction of Nigeria’s economy ahead of the 2027 presidential election.