The special adviser to the president on economic affairs, Tope Fasua, has stated that the depreciation of the naira has reduced Nigerians’ migration rate.
Speaking at the 2025 Annual Outlook Conference in Lagos, Fasua highlighted that the weakening of the naira has made it more expensive for Nigerians to migrate, as the cost of travel has increased significantly. This has resulted in fewer people opting to leave the country.
Fasua explained that the depreciation of the naira has had a double-edged impact. On one hand, it has led to inflation, but on the other hand, it has reduced the “Japa” rate, which refers to the mass migration of Nigerians to other countries.
He noted that before the depreciation, Nigerians could travel to the UK with around ₦2 million or ₦1.5 million for their ticket, but now they need about ₦4 million or ₦5 million for an economy seat. This increase in travel costs has made people think twice about leaving the country.
Fasua also emphasized the importance of focusing on the local economy and leveraging the purchasing power parity (PPP) advantage.
He mentioned that the naira volume has increased from about ₦30 trillion to ₦49 trillion, and the government is looking at how to maximize the benefits of this increase.
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