Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, on Monday called for a complete overhaul of Nigeria’s economic model, insisting that the country must embrace production-driven growth to overcome its economic challenges.
Atiku declared that Nigeria cannot continue to rely on borrowing, importation and increased taxation if it hopes to achieve sustainable prosperity, stressing that the nation must produce what it eats, manufacture what it uses and export locally made goods.
In a statement issued in Abuja by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former Vice President blamed decades of policies that favoured consumption and import dependence for the country’s worsening economic situation.
“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,” Atiku said.
He cited soaring food prices and the rising cost of imported raw materials as signs of Nigeria’s fragile economy, noting that manufacturers reportedly spent trillions of naira importing raw materials within six months while industrial activities continued to decline, affecting production and jobs.
According to him, Nigeria’s economic recovery depends on strengthening agriculture, manufacturing, solid minerals, technology and value addition, saying increased local production would create jobs, boost the value of the naira and reduce dependence on imports.
Atiku highlighted the vast opportunities in cocoa processing in Ondo State, rice production in Kebbi, yam cultivation in Benue, tomato processing in Kano, pharmaceutical production in Aba and industrial manufacturing in Nnewi as examples of sectors capable of driving economic growth.
The former Vice President also recalled that the administration of former President Olusegun Obasanjo, where he served as Vice President, implemented market-oriented reforms that attracted private investment and stimulated economic expansion.
He promised that an ADC-led government would secure farming communities and industrial corridors, insisting that “food security begins with farm security.”
Atiku proposed a series of measures to stimulate production, including lower import duties on industrial machinery not produced locally, affordable long-term financing for farmers and manufacturers, stable electricity and fuel supply, exchange-rate stability, improved transport and irrigation infrastructure, support for agro-processing and industrial clusters, and tax reforms designed to encourage production.
He added that boosting workers’ purchasing power would be critical to sustaining 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,” he said.
