Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has launched a sharp critique against President Bola Tinubu’s economic policies, arguing that the nation’s escalating economic hardship stems from a model overdependent on borrowing, importation, and taxation instead of fostering local production.
In a statement issued on Monday through his spokesperson, Phrank Shaibu, Abubakar contended that Nigeria’s current economic struggles are a direct result of long-standing policies that have inadvertently prioritized foreign goods at the expense of domestic manufacturing and agricultural growth.
A Call for Production-Focused Economy
Abubakar emphasized that true economic recovery for Nigeria hinges on a fundamental shift towards increased local food production, robust expansion of its manufacturing capabilities, and a significant boost in exports. He asserted that continued heavy reliance on imported goods only serves to weaken indigenous industries, curtail job opportunities, and intensify inflationary pressures across the country.
“Nigeria cannot borrow, import and tax its way to prosperity. The country’s economic salvation lies in producing what it eats, manufacturing what it uses and exporting what it makes,” Atiku declared, articulating a core principle of his economic vision.
He further elaborated that successive policies have, to Nigeria’s detriment, rewarded consumption over production, trapping the nation in a cycle of dependency on foreign markets while its own industries struggle for survival. “For too long, we have celebrated importation while neglecting production. We import food that should be grown in our fields, goods that should be manufactured in our factories and even raw materials that ought to be processed by Nigerian hands. No nation has ever become prosperous by exporting jobs and importing poverty,” he stated emphatically.
Evident Economic Failures and Soaring Inflation
To substantiate his claims regarding the current economic model’s inadequacies, Atiku highlighted the alarming rise in food prices and the noticeable decline in industrial output. He noted that food inflation stands at 17.52 percent nationally, with states like Kogi and Niger recording even higher rates of 53.02 percent and 43.83 percent respectively. This escalating cost of basic necessities, combined with a weakening industrial base, is making it increasingly challenging for many Nigerian families to afford essential goods, signifying that the current approach is failing ordinary citizens.
The former Vice President also pointed to significant capital outflows, revealing that Nigerian manufacturers reportedly spent approximately N3.53 trillion importing raw materials within a six-month period. He cautioned that this continuous decline in local manufacturing capacity poses a substantial threat to the nation’s economic stability and future.
“We are exporting jobs, importing inflation, weakening the naira and mortgaging our future,” he lamented, underscoring the perceived perils of the prevailing economic trajectory.
Atiku’s Blueprint for Economic Revitalization
Looking ahead, Atiku Abubakar outlined the key pillars of an ADC administration’s economic strategy, pledging a renewed focus on enhancing agriculture, manufacturing, solid minerals development, technology, and value addition across various sectors, all aimed at drastically reducing Nigeria’s dependence on imports.
His proposed government would prioritize:
- Restoring security in farming communities to bolster agricultural productivity.
- Significantly improving electricity supply to power industries efficiently.
- Stabilizing the national currency, the naira, to foster economic predictability.
- Reducing import duties on industrial machinery not produced locally to support domestic manufacturing.
- Providing accessible and affordable credit facilities for farmers and manufacturers.
- Investing heavily in critical infrastructure development nationwide.
- Reforming the tax system to actively encourage and incentivize local production.
Abubakar also referenced the successful economic reforms implemented during the administration of former President Olusegun Obasanjo, where he served as Vice President, suggesting that those policies effectively attracted private investment and spurred economic growth, offering a proven blueprint for future prosperity.