Former Vice President Atiku Abubakar has accused President Bola Tinubu of pursuing economic policies that export Nigeria’s wealth in raw form while leaving Nigerians with higher prices, weaker purchasing power and struggling businesses.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the contradiction had become increasingly difficult to ignore, with Nigeria exporting more raw materials while manufacturers were left with trillions of naira worth of unsold goods because many households could no longer afford their products.

“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.”

According to Atiku, 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 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.”

Atiku said the crisis in purchasing power provided the clearest evidence, in his view, of the failure of the administration’s economic policies.

He put the value of unsold manufactured goods at about ₦2.14 trillion, attributing the figure to weak demand, high production costs and consumers’ inability to keep pace 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.”

The former Vice President said the administration had simultaneously increased pressure on producers and consumers.

“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.”

Atiku acknowledged that Nigeria’s recent trade surplus was positive but argued that the composition of exports was more important than the headline figure.

“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.”

Atiku said his Economic Recovery Plan would seek to make Nigeria competitive for production through affordable long-term financing, industrial clusters, agro-processing, mineral beneficiation and targeted support for businesses that add value locally.

He said his proposed production-linked fuel subsidy would follow the same principle, with support restricted to petroleum products refined in Nigeria and tied to verified production, domestic supply and measurable consumer benefits.

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

Atiku also said his proposed $10 billion financing programme for young entrepreneurs and start-ups would help create layers of small and medium-sized businesses around agriculture, manufacturing, processing, packaging, logistics, technology and distribution.

“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.” accuses Tinubu of exporting Nigeria’s wealth