Former Vice-President Atiku Abubakar has criticised President Bola Tinubu’s economic policies, accusing the administration of making it increasingly expensive for Nigerians to live and for businesses to operate.
In a statement issued on Tuesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku promised to reverse what he described as the rising cost of living and doing business if elected president.
The Nigeria Democratic Congress (NDC) presidential candidate also accused the Tinubu administration of allowing Nigeria to export more raw materials without sufficient local processing, which he said was limiting the economic value Nigerians derive from the country’s resources.
“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 cited figures showing that Nigeria’s raw-material exports increased by 106 percent, rising from N1.86 trillion in the first half of 2025 to N3.84 trillion in the corresponding period of 2026.
He argued that increased exports would have limited economic benefits if the country continued to sell commodities without processing them locally.
“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.
Atiku identified cocoa, hides, cotton and minerals as some of the commodities that should be processed locally before export. He said doing so would create jobs and allow Nigeria to retain more value from its resources.
“That is not how prosperous nations are built. Nigeria must stop behaving like a loading bay for raw materials,” he said.
The former vice-president also expressed concern over the reported increase in unsold manufactured goods, which he said had reached about N2.14 trillion.
According to Atiku, the figure reflected declining purchasing power among Nigerians, with businesses facing rising production costs while consumers struggle to afford goods.
“That N2.14 trillion sitting in warehouses is not just a manufacturing statistic. It is a picture of the Nigerian family,” he said.
“It means the mother who sees what she needs in the market but cannot afford it. It means the salary earner whose pay finishes on transport, electricity and food. It means the trader whose customers now price goods and walk away.”
‘FACTORY SHELVES ARE FULL, WHILE KITCHEN CUPBOARDS ARE EMPTY’
Atiku said rising costs were affecting both producers and consumers, pointing to increases in fuel, electricity, credit and transportation costs, as well as the weaker naira.
“Fuel is more expensive. Electricity is more expensive. Credit is expensive. Transportation costs have risen. The naira is weaker. Manufacturers pay more to produce, and families have less money to buy,” he said.
“That is why factory shelves are full while kitchen cupboards are empty.”
The ADC presidential candidate said Nigeria should move towards exporting processed and finished products such as chocolate, leather goods, textiles, pharmaceuticals, petrochemicals and processed foods.
He said his proposed economic recovery programme would focus on affordable long-term financing, industrial clusters, agro-processing, mineral beneficiation and support for businesses that add value locally.
Atiku also 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.
He further proposed a $10 billion financing programme for young entrepreneurs and start-ups in sectors including agriculture, manufacturing, processing, packaging, logistics, technology and distribution.
Atiku said expanding local production would help Nigeria generate more foreign exchange, reduce pressure on the naira and strengthen the economy.
“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.”
Source: Atiku Abubakar’s statement
