Former Vice-President Atiku Abubakar has criticised President Bola Tinubu’s economic policies, accusing the administration of making life more expensive for Nigerians while increasing the cost of doing business.
Atiku, the African Democratic Congress (ADC) presidential candidate, said he would pursue policies aimed at reducing production costs, strengthening local manufacturing and making essential goods more affordable if elected president.
He made the remarks in a statement issued on Tuesday by his Senior Special Assistant on Public Communication, Phrank Shaibu.
According to Atiku, Nigeria is increasingly exporting raw materials without capturing enough value from them, leaving the country dependent on more expensive imported finished products.
“This is the painful paradox of Tinubu’s economy: the ships are leaving our ports full, but the pockets of Nigerians are empty,” he said.
Atiku said Nigeria’s raw-material exports increased by 106 per cent, rising from N1.86 trillion in the first half of 2025 to N3.84 trillion during the corresponding period of 2026.
He argued that the increase would have greater economic significance if the commodities were processed locally before being exported.
“There is nothing wrong with exporting. The problem is exporting the cheapest part of the value chain and buying back the expensive part,” he said.
The former vice-president identified cocoa, hides, cotton and minerals among the commodities that should be processed locally to create jobs, support industries and retain more value within the Nigerian economy.
“Nigeria must stop behaving like a loading bay for raw materials,” he said.
Atiku also expressed concern over the reported N2.14 trillion worth of unsold manufactured goods, linking the situation to declining consumer purchasing power and rising production costs.
“That N2.14 trillion sitting in warehouses is not just a manufacturing statistic. It is a picture of the Nigerian family,” he said.
He argued that manufacturers were facing higher costs for fuel, electricity, transportation and credit, while the weaker naira had further increased the cost of production.
“Manufacturers pay more to produce, and families have less money to buy,” Atiku said.
“That is why factory shelves are full while kitchen cupboards are empty.”
The ADC candidate said his proposed economic programme would prioritise the production and export of processed and finished products, including chocolate, leather goods, textiles, pharmaceuticals, petrochemicals and processed foods.
He also proposed affordable long-term financing, industrial clusters, agro-processing, mineral beneficiation and incentives for businesses that add value to raw materials locally.
On the petroleum sector, Atiku proposed a production-linked fuel subsidy that would be restricted to petroleum products refined in Nigeria and tied to verified production, domestic supply and measurable benefits to consumers.
“No production, no subsidy. No domestic supply, no subsidy. No measurable benefit to Nigerians, no subsidy,” he said.
Atiku further proposed a $10 billion financing programme for young entrepreneurs and start-ups, targeting businesses in agriculture, manufacturing, processing, packaging, logistics, technology and distribution.
He said increased domestic production would strengthen Nigeria’s foreign exchange earnings, reduce pressure on the naira and support broader economic growth.
“You cannot rebase your way to prosperity. A $1 trillion economy must be something Nigerians can feel in their salaries, their markets, their businesses and their homes,” he said.
“Our promise is simple: we will make it cheaper to produce, easier to do business, more rewarding to manufacture and more affordable to live. Tinubu made Nigeria expensive. Atiku will make Nigeria affordable again.”
