Orji Uzor Kalu cites fuel price, naira rate as Nigeria's top economic woes

Orji Uzor Kalu, the lawmaker representing Abia North Senatorial District, said on Monday during an interview on News Central Television that the price of fuel and the naira exchange rate are the two major problems crippling Nigeria's economy. He argued that Nigeria cannot build a sustainable economy by relying on oil while importing basic necessities, and called for a shift toward domestic production across all sectors to achieve long-term stability and growth. Kalu also blamed some government officials for refusing to make sacrifices that would reveal the true state of the economy, noting that young people are justified in asking when the hardship will end. He described the economy as unproductive since 1960, stressing that oil revenues must be used to produce goods the country needs, especially food, rather than merely exporting crude. Without domestic production, he warned, oil wealth alone will not solve Nigeria's economic challenges.

The lawmaker's remarks highlight the immediate pressure on households from rising fuel costs and a weakening naira, which drive up transportation and living expenses. His call for local production points to a potential policy shift that could affect job creation, food security, and industrial development if implemented.

Will policymakers heed Kalu's call to boost domestic production and reduce import dependence, or will Nigeria continue to cycle through fuel price spikes and currency volatility while awaiting broader reforms?

SOURCE: https://dailypost.ng/2026/08/25/uzor-kalu-names-two-major-problems-crippling-nigerias-economy/