Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has criticised President Bola Tinubu’s economic policies, saying Nigeria’s deepening economic hardship stems from an approach that prioritises borrowing, importation and taxation over local production.
In a statement issued on Monday by his spokesperson, Phrank Shaibu, the former Vice President argued that Nigeria’s economic challenges are the result of years of policies that encouraged dependence on imported goods while neglecting domestic production.
According to Atiku, the country’s path to sustainable economic recovery lies in expanding local food production, strengthening manufacturing and increasing exports rather than relying heavily on imports.
He maintained that the existing economic model has weakened local industries, reduced employment opportunities and contributed to rising inflation 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 said.
The ADC presidential candidate argued that successive governments had rewarded consumption instead of production, leaving the country increasingly dependent on foreign goods while local industries struggled to remain competitive.
“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.
Atiku pointed to rising food prices and declining industrial output as indicators of what he described as the shortcomings of the current economic strategy.
Citing inflation figures, he said national food inflation stands at 17.52 per cent, while Kogi and Niger states recorded food inflation rates of 53.02 per cent and 43.83 per cent respectively.
He argued that the increasing cost of food and declining manufacturing output have made it more difficult for many Nigerians to afford basic necessities, describing the trend as evidence that the current economic model is failing ordinary citizens.
Atiku also claimed that Nigerian manufacturers spent approximately N3.53 trillion on importing raw materials within six months, warning that the continued reliance on imported inputs was weakening the nation’s economy.
“We are exporting jobs, importing inflation, weakening the naira and mortgaging our future,” he added.
The former Vice President said an ADC-led administration would focus on agriculture, manufacturing, solid minerals, technology and value addition as key sectors for economic growth and reducing dependence on imports.
He pledged to improve security in farming communities, stabilise the naira, enhance electricity supply, reduce import duties on industrial machinery not produced locally, provide affordable financing for farmers and manufacturers, invest in critical infrastructure and reform the tax system to encourage production.
Atiku also referenced the economic reforms introduced during the administration of former President Olusegun Obasanjo, under whom he served as Vice President, saying those policies attracted private investment and supported economic growth.
“Factories cannot thrive where borrowing is prohibitive, energy is unaffordable, the currency is unstable and consumers are too poor to buy locally made goods.
Our mission is simple: Produce in Nigeria.
Employ Nigerians.
Consume Nigerian products.
Export Nigerian excellence,” he said.
