Political economist Professor Pat Utomi has said Peter Obi could strengthen Nigeria's currency to ₦500 against the United States dollar if elected president in 2027, presenting the ambitious target as part of an economic programme intended to reduce food prices, tackle poverty and improve household purchasing power.
Utomi, a prominent figure in the Nigeria Democratic Congress (NDC), outlined the proposal in a social media statement reported on Friday, October 30, 2026. He said the party's proposed economic agenda would combine currency appreciation with investments in electricity, security, transportation infrastructure and reforms designed to make Nigerian businesses more competitive.
“We are convinced that targeting a strategic appreciation of the exchange rate by reasonably strengthening it from ₦1,350/$ to ₦500/$ as part of our manifesto is a winning strategy,” Utomi declared.
He argued that the proposed approach would help reduce inflation and ease the financial difficulties confronting millions of Nigerian households. However, he did not specify when the exchange-rate target would be achieved or explain the detailed monetary and fiscal measures required to sustain it.
The announcement comes as political parties prepare for the 2027 presidential election, with economic hardship, food affordability and currency stability emerging as major issues in public debate.
Utomi maintained that a stronger naira, supported by improvements in infrastructure and domestic production, could substantially reduce the prices of essential commodities.
Among his projections was a reduction in the price of sliced bread from ₦1,750 to ₦800, while a 50-kilogramme bag of imported rice could decline from ₦55,000 to ₦27,500.
He also suggested that a medium-sized tuber of yam could fall from ₦2,400 to ₦1,200 and a 50-kilogramme bag of maize from ₦75,000 to ₦37,500.
Other estimates included plantain declining from ₦2,500 to ₦1,250, chicken from ₦7,000 to ₦3,500, and a dozen eggs from ₦2,300 to ₦1,150.
A painter of garri, which Utomi priced at ₦1,300, could fall to ₦650 under the proposed programme.
He also projected reductions in petrol and cement prices, although these estimates remain political forecasts rather than independently established outcomes.
Utomi argued that lower production costs, better infrastructure and increased competition would help translate economic reforms into more affordable goods.
The economist presented the proposal as a strategy for improving living conditions among Nigerians experiencing multidimensional poverty.
His reference to 140 million people living in such conditions was part of his political argument, rather than a newly verified official poverty estimate.
The proposed exchange rate represents a substantial departure from current market conditions.
On Friday, the naira was reported trading at approximately ₦1,346.86 per dollar in the official Nigerian Foreign Exchange Market, while the parallel market rate stood around ₦1,385.
Moving from ₦1,346.86 to ₦500 per dollar would require the naira to gain approximately 63 percent of its dollar value when measured by the reduction in the naira price of one dollar.
Expressed differently, the naira's value against the dollar would need to increase by approximately 169 percent.
Such a change would be significant for an economy that depends on imported machinery, industrial inputs, pharmaceuticals and other essential products.
Currency appreciation can reduce import costs, but the extent to which consumers benefit depends on domestic production, transportation expenses, competition and the availability of goods.
A stronger currency does not automatically guarantee that all food prices will fall by half.
Nigeria's food prices are influenced by factors including insecurity in farming communities, electricity costs, fuel prices, storage facilities, seasonal supply conditions and transportation networks.
For domestically produced commodities such as yam and garri, improvements in agricultural productivity and distribution may be particularly important.
Utomi's proposal therefore places considerable emphasis on infrastructure and security alongside exchange-rate management.
The announcement has already attracted criticism from the ruling All Progressives Congress.
Segun Showunmi, a member of the APC presidential campaign council, challenged the proposal on Friday, questioning the economic reasoning behind the projected currency appreciation and commodity price reductions.
He described Utomi's argument as “an elementary misunderstanding of exchange-rate economics and the mechanism of price formation”.
Showunmi's criticism reflects broader questions about whether the proposed target can be achieved through sustainable economic policies rather than administrative intervention or market distortion.
The disagreement illustrates contrasting approaches to Nigeria's economic challenges as the presidential election approaches.
President Bola Tinubu's administration introduced major reforms after taking office in May 2023, including the removal of petrol subsidies and changes to the foreign exchange system.
The government has defended these measures as necessary to address fiscal pressures, improve transparency and attract investment.
However, the reforms were accompanied by substantial increases in living costs, placing pressure on household budgets and business operations.
Supporters argue that longer-term improvements require sustained implementation, while critics question whether the benefits are reaching ordinary Nigerians quickly enough.
Obi, a former Anambra State governor and presidential candidate in 2023, has positioned economic management, productive investment and public spending discipline among his central political priorities.
Utomi's latest intervention attempts to translate those broader themes into measurable commitments that voters can assess.
Nevertheless, the proposal remains incomplete without a detailed explanation of how the target would be financed, implemented and maintained.
Exchange rates respond to numerous economic conditions, including foreign currency earnings, investment flows, inflation expectations, monetary policy and confidence in domestic institutions.
Efforts to strengthen a currency must also consider potential consequences for exporters whose earnings may become less competitive internationally.
A sustainable strategy would therefore need to balance cheaper imports with incentives for domestic manufacturing, agricultural exports and investment.
The projected food price reductions would similarly require credible assumptions about production costs, distribution systems and market conditions.
No independent economic assessment confirming the feasibility of Utomi's estimates was presented alongside the announcement.
The distinction between a campaign target and an achievable economic outcome remains important for voters evaluating competing political promises.
Utomi's proposal has nevertheless introduced a specific benchmark into the election debate, allowing supporters and opponents to scrutinise the policies needed to achieve it.
For households struggling with food prices, the central concern is whether any future administration can deliver lasting improvements in purchasing power.
The debate is therefore likely to extend beyond the proposed exchange rate to questions of employment, agricultural productivity, infrastructure and economic stability.
As Nigeria approaches the 2027 election, Utomi's ₦500-per-dollar target stands as an ambitious political commitment whose feasibility will depend on the policies eventually presented and their capacity to withstand economic scrutiny.
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