Nigeria can’t borrow its way to prosperity, says Atiku

Former Vice President Atiku Abubakar has said that Nigeria can neither borrow nor tax its way to prosperity, stating that the country’s economic salvation lies in producing what it eats, manufacturing what it uses and exporting what it makes.

Atiku, in a statement by his Senior Special Assistant on Public Communication, Phrank Shaibu, noted that the hardship confronting Nigerians is not merely the result of global headwinds but the inevitable consequence of government policies.

He stated that the policies of the present administration reward consumption over production, importation over industrialisation and dependency over self-reliance.

According to him, “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.

“Food inflation remains at 17.52 per cent nationally and has climbed to 53.02 per cent in Kogi and 43.83 per cent in Niger State, pushing millions of families beyond the reach of basic nutrition.

“Nigerian manufacturers also spent ₦3.53 trillion importing raw materials in just six months, while industry experts have warned that declining manufacturing tax contributions reflect weakening industrial activity and shrinking factory output. A nation cannot build prosperity when its factories are falling silent. We are exporting jobs, importing inflation, weakening the naira and mortgaging our future.”

Furthermore, Atiku, who is also the African Democratic Congress (ADC) candidate for the 2027 polls, stated that Nigeria must urgently rebuild an economy anchored on agriculture, manufacturing, solid minerals, technology and value addition.

“Every bag of cocoa processed from Idanre and the rich cocoa belt of Ondo State, every bag of rice harvested in Kebbi, every yam cultivated in Benue, every tomato processed in Kano, every pharmaceutical produced in Aba, every leather product made in Kano and every machine assembled in Nnewi creates jobs, strengthens the naira and reduces our dependence on imports,” the former Vice President stated.

Atiku promised that an ADC-controlled government would restore security to farming communities and industrial corridors, noting that “food security begins with farm security.”

He recalled that the Obasanjo administration, in which he served as vice president, implemented market-oriented reforms that restored investor confidence, liberalised key sectors and attracted unprecedented private investment, as well as laying the foundation for one of Nigeria’s strongest periods of 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. The wealth of nations is measured not by what they import but by what they produce, process and export. That is the Nigeria we helped build before, and by the grace of God, that is the Nigeria we shall build again,” Atiku stated.