Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has criticised President Bola Tinubu’s economic policies, arguing that Nigeria’s worsening economic hardship stems from an overreliance on borrowing, importation and taxation instead of domestic production.
Atiku made the remarks in a statement issued on Monday by his spokesperson, Phrank Shaibu, where he attributed the country’s economic challenges to years of policies that, according to him, favoured imports over local production.
The former Vice President maintained that Nigeria’s economic recovery depends on producing more food locally, expanding manufacturing capacity and increasing exports rather than relying heavily on imported goods.
He argued that the current economic model has weakened local industries, reduced employment opportunities and fuelled rising inflation.
“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.
According to him, successive governments have rewarded consumption rather than production, leaving the country dependent on foreign goods while domestic industries continue to struggle.
“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 cited rising food prices and declining industrial output as evidence of what he described as the failure of the current economic approach.
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He said national food inflation currently 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.
The ADC presidential candidate argued that the soaring cost of food and weakening industrial performance have made it increasingly difficult for many Nigerians to afford basic necessities, describing the situation as proof that the existing economic model is failing ordinary citizens.
He also claimed that Nigerian manufacturers spent approximately ₦3.53 trillion importing raw materials within six months, warning that the continued decline in local manufacturing was undermining the country’s economic stability.
“We are exporting jobs, importing inflation, weakening the naira and mortgaging our future,” he added.
Atiku said an ADC-led administration would prioritise agriculture, manufacturing, solid minerals, technology and value addition to reduce Nigeria’s dependence on imports.
He pledged that his government would restore security in farming communities, improve electricity supply, stabilise the naira, reduce import duties on industrial machinery not produced locally, provide affordable credit to farmers and manufacturers, invest in critical infrastructure and reform the tax system to encourage production.
The former Vice President also referenced the economic reforms implemented during the administration of former President Olusegun Obasanjo, under whom he served as Vice President, arguing that those policies attracted private investment and stimulated 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.