Segun Sowunmi, a chieftain of the Peoples Democratic Party (PDP) and member of the All Progressives Congress (APC) Presidential Campaign Council, has publicly challenged political economist Prof. Pat Utomi over his assertion that a Peter Obi administration could strengthen the Nigerian naira to ₦500 per US dollar.
Speaking during an interactive town hall broadcast on national television in Lagos, Sowunmi criticised the currency projection, describing it as an unrealistic economic proposition lacking detailed fiscal backing.
The dispute stems from statements made by Prof. Pat Utomi, a prominent political economist and leader within the Nigeria Democratic Congress (NDC) and opposition movement, who claimed that Peter Obi’s political platform would target a ₦500-to-$1 exchange rate as part of its economic strategy.
Rebuffing the assertion, Sowunmi argued that artificial or rapid currency appreciation without foundational growth in domestic productivity would backfire on the national economy.
He warned that currency appreciation without corresponding productivity gains could make foreign imports unnaturally attractive while severely weakening local manufacturers.
Sowunmi emphasized that a serious policy manifesto must clearly explain how its strategies would work in practice, outlining their underlying assumptions, clear costs, realistic timelines, and measurable targets rather than relying on populist targets.
During the debate, Utomi defended Obi’s economic platform by highlighting his past public record and arguing that Nigeria’s primary economic challenges stem from structural corruption and a breakdown in governance values.
He maintained that opposition policy frameworks prioritize sustainable, export-led production models designed to stabilize foreign exchange markets over time.
Sowunmi countered Utomi’s assertions, questioning the practical impact of anti-corruption frameworks advocated by political economists and calling on opposition leaders to offer detailed fiscal blueprints to voters ahead of upcoming electoral cycles.
Neither Peter Obi nor his official campaign media representatives have issued a direct follow-up statement regarding the exchange rate debate.
