Political economist and Nigeria Democratic Congress (NDC) chieftain, Professor Pat Utomi, has projected that food prices in Nigeria could fall by as much as 50 per cent if Peter Obi becomes president in 2027 and implements the party’s proposed economic policies.
Utomi said the proposed reduction would be supported by efforts to strengthen the naira to ₦500 against the United States dollar, alongside investments in electricity, security, road infrastructure and other reforms aimed at lowering the cost of doing business.
The economist outlined the proposal as part of the NDC’s economic agenda ahead of the 2027 presidential election, arguing that a stronger domestic currency could reduce the cost of imported goods, ease inflationary pressures and improve Nigerians’ purchasing power.
According to him, the plan is intended to address the economic difficulties facing millions of households, particularly the rising cost of food and other essential commodities.
Utomi Lists Food Items That Could Become Cheaper
As part of the proposal, Utomi identified several food items whose prices could fall significantly if the party’s economic targets were achieved.
Among the projected changes, a loaf of sliced bread currently estimated at ₦1,750 could drop to ₦800, while a 50-kilogramme bag of imported rice costing about ₦55,000 could fall to ₦27,500.
He also projected that a medium-sized tuber of yam could decline from ₦2,400 to ₦1,200, while a 50kg bag of maize could fall from ₦75,000 to ₦37,500.
Other projected reductions include:
- A bunch of plantain falling from ₦2,500 to ₦1,250.
- A whole chicken dropping from ₦7,000 to ₦3,500.
- A dozen eggs declining from ₦2,300 to ₦1,150.
- A painter of garri falling from ₦1,300 to ₦650.
Utomi also included petrol and cement among the commodities that could become cheaper under the proposed economic programme.
He argued that reducing the cost of essential goods would provide direct relief to households struggling with the high cost of living.
Naira Appreciation at the Centre of the Proposal
A major component of the proposed plan is the target of strengthening the naira from around ₦1,350 to ₦500 per dollar.
Utomi described the exchange-rate objective as a strategy for tackling inflation, reducing poverty and improving the purchasing power of Nigerians.
He argued that a stronger currency, combined with better infrastructure and structural reforms, could reduce the cost of imported raw materials, machinery and other inputs used by businesses.
Lower production and transportation costs, he suggested, could then translate into reduced prices for consumers.
However, achieving an exchange rate of ₦500 to the dollar would require substantial and sustained appreciation of the naira. Economists generally assess such a target against factors including foreign exchange supply, export earnings, investor confidence, inflation, government spending and monetary policy.
Utomi did not provide a specific timeline for achieving the proposed exchange rate or detail all the monetary and fiscal measures that would be required to maintain it.
Security, Electricity and Roads Also Part of the Plan
Beyond currency policy, Utomi emphasised that improvements in security, electricity supply and road infrastructure would be necessary to make essential goods more affordable.
Insecurity in farming communities and food-producing areas can disrupt agricultural production, limit access to farms and increase the risks faced by farmers and traders.
Similarly, unreliable electricity supply forces many businesses to rely on generators, adding fuel and operating expenses to the cost of production.
Poor roads and expensive transportation also increase the cost of moving agricultural produce from farms to markets, contributing to higher prices for consumers.
Utomi’s proposal therefore links lower food prices to a broader economic strategy rather than relying on exchange-rate appreciation alone.
Economic Promises Ahead of the 2027 Elections
The proposal comes as the cost of living remains a major issue in Nigeria’s political debate ahead of the 2027 general elections.
Although Nigeria’s headline inflation rate eased to 14.63 per cent in September 2026 from 15.39 per cent in August, food inflation remained high at 19.59 per cent year-on-year, according to figures from the National Bureau of Statistics.
The figures highlight the continued pressure on household budgets, even as the pace of overall price increases has moderated.
Utomi’s projections offer a picture of what the NDC hopes to achieve under an Obi-led administration. However, the proposed exchange rate and food prices remain campaign targets, not guaranteed outcomes.
The actual cost of food would depend on several factors, including domestic agricultural output, fuel prices, transport expenses, import costs, market competition and the effectiveness of government policies.
As political parties begin setting out their economic plans, voters will be watching closely to see which proposals offer credible, practical solutions to Nigeria’s affordability crisis.
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