Atiku: Nigeria can’t import its way to prosperity

Nigeria cannot achieve prosperity by relying on imports and borrowing, according to former Vice President and presidential candidate Atiku Abubakar. He is urging the Federal Government to abandon its current import-driven economic model, asserting that the nation's economic recovery hinges on expanding domestic production, revitalizing manufacturing, and fostering an export-oriented economy.

“

Nigeria cannot borrow, import and tax its way to prosperity.

Abubakar contends that the country's deteriorating economic conditions are a direct result of policy choices that have favored consumption over production and importation over industrialization. In a statement released on Monday, he declared that Nigeria must "produce what it eats, manufacture what it uses and export what it makes" to attain sustainable growth and alleviate poverty.

"No nation has ever become prosperous by exporting jobs and importing poverty," Abubakar stated. He highlighted the nation's economic difficulties, pointing to rising food prices, declining industrial output, and an increasing reliance on imported inputs. Food inflation nationally stands at 17.52%, with alarming figures of 53.02% in Kogi and 43.83% in Niger State, pushing basic nutrition beyond the reach of millions.

“

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.

Furthermore, Nigerian manufacturers reportedly spent approximately N3.53 trillion on importing raw materials within a six-month period. Abubakar warned that the shrinking manufacturing sector poses a significant threat to economic growth. "A nation cannot build prosperity when its factories are falling silent. We are exporting jobs, importing inflation, weakening the naira and mortgaging our future," he lamented.

“

No nation has ever become prosperous by exporting jobs and importing poverty.

Abubakar advocated for urgent investments in agriculture, manufacturing, solid minerals, technology, and value addition. He believes that processing Nigeria's abundant raw materials locally will generate employment, strengthen the naira, and reduce pressure on foreign exchange reserves. He cited examples like processing cocoa in Ondo State, rice in Kebbi, and tomatoes in Kano, stating each step creates jobs and reduces import dependency. An ADC administration, he outlined, would prioritize improved security for farming communities, affordable financing, lower import duties on industrial machinery, competitive energy pricing, tax reforms, and infrastructure investment.

“

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.