President Bola Tinubu’s Special Adviser on Economic Affairs, Dr. Tope Fasua, has come to the defense of the naira’s value, despite its depreciation against the US dollar. Fasua, who appeared on the Mic On Podcast hosted by Seun Okinbaloye, stated that $1, equivalent to over N1,500, can still provide significant purchasing power in Nigeria, challenging the commonly held view that the naira’s weakness severely limits Nigerians’ purchasing capabilities.
Fasua pointed out that while many focus on the currency’s exchange rate with the dollar, they often overlook the local purchasing power that the naira still holds. “For many people in Nigeria, $1, which is N1,500, is still a lot of money. In fact, $10 won’t even buy you lunch in the US, but in Nigeria, that is equivalent to N15,000, which can get you a decent meal,” Fasua said.
The economist also addressed the global concept of multi-dimensional poverty, which is often misunderstood in Nigeria. Fasua clarified that multi-dimensional poverty is not necessarily about food insecurity, but rather encompasses factors like access to education, healthcare, and essential services. He explained that Nigerians often confuse this with food poverty, which is a more limited definition of deprivation.
He emphasized that with as little as $5, which is roughly N7,500, Nigerians can enjoy a meal in local areas such as Gwarinpa. “You could get boli (roasted plantain) and fish for just N1,500 if you know where to go,” he added.
Fasua’s comments aim to offer a broader perspective on Nigeria’s economic situation, focusing on the strength of local purchasing power despite the challenges faced by the naira.
