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Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has called for a major shift in Nigeria’s economic strategy, saying the country must focus on producing what it consumes, manufacturing what it uses and exporting locally made goods in order to achieve sustainable growth.
Atiku, in a statement on Monday in Abuja by his Senior Special Assistant on Public Communication, Phrank Shaibu, argued that Nigeria cannot achieve prosperity through borrowing, import dependence and increased taxation alone.
According to him, the current economic challenges are rooted in long-standing policies that encouraged consumption and importation at the expense of local production and industrial development.
“For too long, we have celebrated importation while neglecting production. We import food that should be grown locally, goods that should be manufactured in our factories and raw materials that could be processed in Nigeria,” he said.
Atiku pointed to rising food prices and the high cost of imported raw materials as evidence of the country’s economic vulnerability. He said manufacturers reportedly spent trillions of naira importing raw materials within six months, while weakening industrial activity continues to affect factory output and employment.
He called for an economy anchored on agriculture, manufacturing, solid minerals, technology and value addition, arguing that greater local production would create jobs, strengthen the naira and reduce dependence on imports.
The former Vice President highlighted the potential of agricultural and industrial value chains across the country, including cocoa processing in Ondo State, rice production in Kebbi, yam cultivation in Benue, tomato processing in Kano, pharmaceuticals in Aba and industrial manufacturing in Nnewi.
Atiku also recalled that the Obasanjo administration, in which he served as Vice President, implemented market-oriented reforms that attracted private investment and contributed to economic growth.
He said an ADC-led government would prioritise security in farming communities and industrial corridors, noting that “food security begins with farm security.”
Among the measures he proposed are reduced import duties on industrial machinery not produced locally, affordable long-term credit for farmers and manufacturers, improved electricity and fuel supply, exchange-rate stability, investment in transport and irrigation infrastructure, support for agro-processing and industrial clusters, and tax reforms aimed at encouraging production.
He added that improving workers’ purchasing power would also be essential for the growth of local industries.
“Factories cannot thrive where borrowing is expensive, energy is unreliable, the currency is unstable and consumers cannot afford locally made goods. Our goal is to produce in Nigeria, employ Nigerians, consume Nigerian products and export Nigerian excellence,” Atiku said