Special Adviser to President Bola Tinubu on Economic Affairs, Dr. Tope Fasua, has defended the strength of the naira within Nigeria’s economy, stressing that local purchasing power still holds weight despite the currency’s low value against the dollar.
Speaking during an appearance on the MicOnPodcast hosted by Seun Okinbaloye, Fasua addressed misconceptions around poverty metrics and currency valuation.
He explained that many Nigerians misunderstand what is meant by “multi-dimensional poverty,” a term frequently used in global poverty assessments.
“People assume multi-dimensional poverty is worse than food poverty. But it could mean things like a child’s school being far from home or limited access to healthcare. It doesn’t always imply people are starving,” he said.
Fasua emphasized that comparing currencies based on exchange rates alone doesn’t reflect the reality of local living standards.
According to him, while $1 may seem small in the U.S., it goes much further in Nigeria.
“Today, $1 is about N1,500, and that amount means a lot to many Nigerians. You can’t get lunch for $10 in the U.S. – sometimes you need $20, which is roughly N30,000 here,” he noted.
He gave everyday examples to support his point, saying, “With $5 or N7,500, you can eat well if you avoid high-end places. In Gwarinpa, you can get Boli and fish for just N1,500.”
Fasua’s comments come amid ongoing debates over Nigeria’s economic conditions, inflation, and the naira’s decline in global exchange markets.
His remarks seek to highlight the differences in cost of living between countries, and the relativity of poverty when measured by international standards.
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