Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has launched a fresh attack on President Bola Ahmed Tinubu’s administration, arguing that Nigeria’s worsening manufacturing sector contradicts the government’s claims that the economy is improving.
In a statement issued on Monday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku maintained that the reported closure of hundreds of factories is a clear sign that many businesses are struggling despite the Presidency’s positive economic outlook.
According to Atiku, data from the Manufacturers Association of Nigeria (MAN) shows that 767 manufacturing companies have reportedly shut down, while 335 others are currently facing financial distress.
He argued that these figures paint a different picture from the government’s repeated assurances that its economic reforms are delivering results.
“A government cannot claim its economic policies are working when the country’s industrial sector is actively shutting down. Nations do not build prosperity by celebrating macroeconomic statistics while their factories close their gates,” the statement read.
Atiku also alleged that Nigerian manufacturers are currently holding about ₦2.14 trillion worth of unsold finished goods, claiming the situation is not because products are unavailable, but because many Nigerians no longer have the purchasing power to buy them.
The former Vice President further pointed to the reported exit or suspension of manufacturing operations by multinational firms such as Procter & Gamble, GlaxoSmithKline (GSK), Sanofi, and Kimberly-Clark, alongside indigenous manufacturer Jubilee Syringe Manufacturing, describing the trend as a reflection of the country’s challenging business environment.
He also claimed that manufacturers spent approximately ₦1.11 trillion on diesel to keep their operations running after higher electricity tariffs for Band A customers significantly increased production costs.
Responding to the Presidency’s defence of Nigeria’s GDP growth figures, Atiku argued that economic growth should be measured by improvements in people’s daily lives rather than statistics alone.
“Factories do not shut down because the opposition writes press statements. Manufacturers do not accumulate trillions of naira in unsold goods because critics hold press conferences. Multinational companies do not abandon billion-naira investments because of political rhetoric. They leave because the economic environment has become increasingly hostile to production, investment and enterprise,” he stated.
He concluded by insisting that the true assessment of the Tinubu administration’s economic performance would come from the condition of Nigeria’s industries, not official government statements.
“No amount of propaganda can erase that reality.”
The Presidency has consistently defended its economic reforms, insisting they are laying the foundation for long-term growth, although Atiku’s latest comments add to the ongoing debate over the country’s economic direction.
Source: statement by Atiku Abubakar’s media office, with figures attributed to the Manufacturers Association of Nigeria (MAN).
