Naira May Be Devalued Post-2027 Elections, ICAN Warns

ICAN Warns Naira May Be Devalued Post-2027 Elections, Urges Capital Market Investment

The President of the Institute of Chartered Accountants of Nigeria (ICAN), Chidi Ajaegbu, has raised concerns over a potential devaluation of the naira following the 2027 general elections, citing excessive government borrowing as a key risk factor.

Ajaegbu, who is the 50th President of ICAN and CEO of Heritage Capital Market Ltd, made the warning during the maiden Colloquium/Public Lecture organised by the Department of Accounting and Finance at Godfrey Okoye University (GOUNI). The event’s theme was: “Harnessing the Capital Market for Catalyzing Infrastructure Development & Economic Transformation in Nigeria: Prospects, Challenges & Roadmaps.”

“Excessive borrowing scares away investors. Government has to be careful with taking loans. Buhari was reckless with taking loans,” Ajaegbu said. He further cautioned that “few days after 2027, they might devalue the currency. The naira has been stable in the last five to six months but this might change after the election in 2027.”

Economic Woes and Borrowing Risks

Ajaegbu highlighted Nigeria’s rapid underdevelopment, ageing infrastructure, and rising population as factors that could plunge the country into economic challenges. He also warned against World Bank loans, arguing that they often come with high consultancy costs and can “mortgage a people economically.”

He urged Nigeria to leverage the capital market as a sustainable source of long-term funding for development, stressing the importance of accountability and a strong judiciary to protect investors.

“For us to make progress and raise funds from the stock market, we must ensure that people are held accountable,” Ajaegbu said.

Experts Emphasize Capital Market Literacy

Other speakers at the event reinforced the need for increased capital market awareness:

• Prof. Christian Anike, Vice Chancellor of GOUNI, urged students and lecturers to engage deeply with practical knowledge beyond theory.

• Hon. Uche Ugwu, Speaker of the Enugu State House of Assembly, noted the capital market’s role in business growth and infrastructure development.

• Prof. Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN), called for improved literacy, particularly in the South East region, to enable wise investment and economic empowerment.

“Development is all about long-term funds. The capital market provides the means for long-term funds,” Uwaleke said, encouraging local individuals and companies to participate actively.

South East Representation in Nigeria’s Capital Market

The HOD of Accounting/Finance at GOUNI, Dr. John Odo, highlighted the capital market as a tool for stimulating economic growth, creating jobs, and funding business expansion.

Prof. Uche Lucy Onyekwelu, Chairperson of the Public Lecture Organizing Committee, pointed out that the South East remains underrepresented, with only 2–3 of 151 listed companies coming from the region. She stressed that increased awareness and participation could bridge the information gap, boost long-term capital access, and support intergenerational business sustainability.

“Nigeria is gradually but decisively steering towards a better economic future through sound policy activation, fiscal reforms, and infrastructure renewal. The capital market remains indispensable in promoting transparency, investor confidence, and market efficiency,” she added.

Takeaway

ICAN’s warning underscores the delicate balance Nigeria faces in managing public debt, currency stability, and economic development. With the capital market positioned as a key vehicle for long-term financing, experts urge Nigerians — especially from underrepresented regions — to participate actively, invest wisely, and demand accountability, ensuring sustainable growth in the post-election era.

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Reporting by Naija247news in Lagos, Nigeria.