Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has criticised the economic policies of President Bola Tinubu, blaming the country’s worsening hardship on what he described as an overreliance on borrowing, importation and taxation instead of productive economic activities.
Atiku made the remarks in a statement issued on Monday by his spokesperson, Phrank Shaibu, where he argued that Nigeria’s economic challenges are the result of years of policies that encouraged consumption and importation while neglecting local production.
According to the former Vice President, Nigeria’s path to economic recovery lies in increasing domestic food production, expanding manufacturing and boosting exports rather than depending heavily on imported goods.
He said the current 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.
He argued that successive governments had rewarded importation at the expense of local production, leaving the country dependent on foreign goods while domestic industries struggled to survive.
“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 that the current economic approach is failing to improve the lives of ordinary Nigerians.
He noted that national food inflation stands at 17.52 per cent, while states such as Kogi and Niger recorded food inflation rates of 53.02 per cent and 43.83 per cent respectively.
According to him, the rising cost of food and weakening industrial output have made it increasingly difficult for many families to afford basic necessities.
The former Vice President also claimed that Nigerian manufacturers spent about ₦3.53 trillion importing raw materials within six months, warning that the continued dependence on imports was weakening the economy.
“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 as part of a strategy to reduce Nigeria’s dependence on imports and stimulate sustainable economic growth.
He pledged to 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, saying the policies attracted private investment and strengthened 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,” Atiku said.