Former Vice-President Atiku Abubakar has called for a fundamental shift in Nigeria’s approach to trade and industrial development, arguing that the country must prioritise local processing and manufacturing instead of relying heavily on the export of raw materials.
Atiku made the call in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, where he criticised the economic direction of President Bola Tinubu’s administration.
The former vice-president argued that Nigeria’s growing exports would mean little to ordinary citizens if the country continued to send out raw materials and import finished products made from those same resources.
He described the situation as a contradiction in which Nigeria records economic activity from exports while manufacturers struggle with unsold goods and consumers face declining purchasing power.
According to Atiku, the country should be exporting finished Nigerian products such as processed cocoa, leather goods, textiles, pharmaceuticals, petrochemicals and processed foods rather than predominantly shipping raw commodities abroad.
He said greater local value addition would create jobs, strengthen domestic industries, generate foreign exchange and reduce pressure on the naira.
Atiku also pointed to what he described as about ₦2.14 trillion worth of unsold manufactured goods, attributing the accumulation to weak consumer demand, high production costs and rising prices.
He argued that the figure reflected the wider pressure facing Nigerian households, businesses and manufacturers.
The former vice-president said rising costs of fuel, electricity, transportation and credit, alongside the weakness of the naira, had increased production expenses while leaving consumers with less money to spend.
He therefore proposed an economic strategy centred on affordable long-term financing, agro-processing, industrial clusters, mineral beneficiation and incentives for businesses that add value to Nigerian raw materials locally.
Atiku also reiterated his proposed $10 billion financing programme for young entrepreneurs and start-ups, saying it would support businesses across agriculture, manufacturing, processing, packaging, logistics, technology and distribution.
He maintained that Nigeria could only achieve sustainable economic growth by expanding its productive capacity and ensuring that more wealth generated from the country’s resources remained within the domestic economy.
“Atiku made Nigeria expensive. Atiku will make Nigeria affordable again,” he said, presenting his proposed economic agenda as an alternative to the Tinubu administration’s policies.
