Tope Fasua, Special Adviser to the President on Economic Affairs, has stated that the depreciation of the naira has led to a decline in the number of Nigerians migrating abroad. Speaking at the 2025 Annual Outlook Conference on January 16, Fasua explained that while the naira’s fall has had some negative effects, such as increased inflation, it has also made emigration less affordable, effectively reducing the “Japa” rate.
Fasua highlighted the impact of the devaluation on the local economy, noting that while the budget might not seem significant in dollar terms, focusing on Nigeria’s purchasing power parity (PPP) could boost domestic economic activity. He also pointed out how the depreciation has raised travel costs, with Nigerians now needing more money to afford flights to destinations like the UK.
“The naira depreciation has made it harder for Nigerians to leave the country,” Fasua explained. “What would have cost N1.5m or N2m for a ticket is now N4m or N5m, making emigration less of a priority for many.”
The government aims to harness this shift by strengthening the local economy and leveraging PPP to improve the purchasing power within Nigeria.
Peoplesmind
