Atiku Abubakar has challenged President Bola Tinubu’s assertion that the Nigerian economy is thriving, citing the closure of 767 manufacturing firms and the instability of 335 others as evidence that the administration’s claims are misleading. Through his spokesperson, Phrank Shaibu, the former Vice President argued that macroeconomic growth is irrelevant if the industrial sector remains in decline.
Data from the Manufacturers Association of Nigeria reveals that ₦2.14 trillion worth of inventory remains unsold due to the plummeting purchasing power of citizens. Major corporations like GlaxoSmithKline, Procter & Gamble, and Sanofi have exited the country or ceased local production, while indigenous entities like Jubilee Syringe Manufacturing have also halted operations. Furthermore, rising electricity tariffs and high energy costs, with firms spending ₦1.11 trillion on diesel, have severely impacted the ability of local manufacturers to remain solvent.
Atiku rejected the Presidency’s focus on GDP growth statistics, stating that these figures fail to reflect the grim reality of a hostile economic landscape. He emphasized that businesses are not leaving Nigeria because of political criticism, but because the business environment has become unsustainable for investors.
