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Former Vice President Atiku Abubakar, on Tuesday, accused President Bola Tinubu of running an economic policy that allegedly exports Nigeria’s wealth abroad in raw form, while leaving Nigerians at home with higher prices, weaker purchasing power, and struggling factories.
Atiku, who is also the African Democratic Congress (ADC) presidential candidate, stated that while the country is exporting more raw materials, Nigerian manufacturers are sitting on trillions of naira worth of unsold goods because ordinary families can no longer afford what they produce.
The former Vice President, in a statement by his Senior Special Assistant on Public Communication, Phrank Shaibu, said Nigeria’s raw-material exports rose by 106 per cent, from ₦1.86 trillion in the first half of 2025 to ₦3.84 trillion in the first half of 2026.
He noted that, on the flipside, unsold manufactured goods have risen to about ₦2.14 trillion, allegedly reflecting weak demand, high production costs and the inability of consumers to keep up with rising prices.
According to him, “this is the painful paradox of Tinubu’s economy: the ships are leaving our ports full, but the pockets of Nigerians are empty. Government celebrates exports and trade surpluses while families are cutting meals, businesses are counting unsold stock and manufacturers are struggling to keep their gates open.
“You cannot build a $1 trillion economy by making your own people poorer. There is nothing wrong with exporting. The problem is exporting the cheapest part of the value chain and buying back the expensive part.
“When we export cocoa beans instead of cocoa butter, powder and chocolate, hides instead of leather products, cotton instead of garments and minerals without processing them, we are handing other countries the opportunity to make the real money from resources that came from Nigerian soil.
“That is not how prosperous nations are built. Nigeria must stop behaving like a loading bay for raw materials.”
He added that the clearest evidence of the alleged failure of President Tinubu’s policies is the crisis of purchasing power at home, noting that “unsold manufactured goods have risen to about ₦2.14 trillion, reflecting weak demand, high production costs and the inability of consumers to keep up with rising prices.
“That ₦2.14 trillion sitting in warehouses is not just a manufacturing statistic. It is a picture of the Nigerian family.
“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. Nigerians have not stopped needing these products. Tinubu’s economy has simply made them too poor to buy enough of them.”
Furthermore, Atiku stated that “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. That is why factory shelves are full while kitchen cupboards are empty.”
Furthermore, the ADC candidate, who stated that Nigeria’s recent trade surplus is welcome, warned that the composition matters. He noted that “a trade surplus is good news. But what are we selling?
“If we remain heavily dependent on crude oil and raw commodities, then we are still exporting potential instead of prosperity. Our goal should be to export Nigerian chocolate, Nigerian leather products, Nigerian textiles, Nigerian pharmaceuticals, Nigerian petrochemicals and Nigerian processed foods – not merely the raw materials from which others make them.”
He promised that his Economic Recovery Plan will make Nigeria competitive for production again through affordable long-term finance, industrial clusters, agro-processing, mineral beneficiation and deliberate support for businesses that add value locally.
According to him, his production-linked fuel subsidy will follow the same principle: support will go only to petroleum products refined in Nigeria and will be tied to verified production, domestic supply and measurable consumer benefit.
Atiku, who noted that it would be “no production, no subsidy. No domestic supply, no subsidy. No measurable benefit to Nigerians, no subsidy,” under his administration, explained that his proposed $10 billion financing programme for young entrepreneurs and start-ups will help build layers of SMEs around agriculture, manufacturing, processing, packaging, logistics, technology, and distribution.
