Former Vice President Atiku Abubakar has accused President Bola Tinubu of running an economic policy that ships Nigeria’s wealth abroad in raw form while leaving Nigerians at home with higher prices, weaker purchasing power and struggling factories.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Mr Abubakar said the contradiction has become impossible to hide: Nigeria is exporting more raw materials, yet Nigerian manufacturers are sitting on trillions of naira worth of unsold goods because ordinary families can no longer afford what they produce.

“This is the painful paradox of Tinubu’s economy: the ships are leaving our ports full, but the pockets of Nigerians are empty. The 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.”

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.

Mr Abubakar said, “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.”

Mr Abubakar said the clearest evidence of the failure of Mr Tinubu’s policies is the crisis of purchasing power at home.

Unsold manufactured goods have risen to about ₦2.14 trillion, reflecting weak demand, high production costs, and consumers’ inability to keep up with rising prices.

He said, “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.”

Mr Abubakar said the administration has hurt both producers and consumers at the same time.

“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.”

Mr Abubakar said Nigeria’s recent trade surplus is welcome, but warned that the composition matters.

“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 said.

He said 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.

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. 

“No production, no subsidy. No domestic supply, no subsidy. No measurable benefit to Nigerians, no subsidy,” he added.

Mr Abubakar said 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.

He said, “This is how you create real prosperity. One factory should create opportunities around it. One processing plant should support farmers, transporters, technicians, retailers and young entrepreneurs.

“When we process more of what we produce, manufacture more of what we consume and export more finished Nigerian goods, we earn more foreign exchange, reduce pressure on the dollar and strengthen the naira from the productive side of 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.

“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.”

Phrank Shaibu

Senior Special Assistant on Public Communication

to Atiku Abubakar, Presidential Candidate of the African Democratic Congress and Vice President of Nigeria 1999-2007.

15th September, 2026