By Ahmed Akanbi
Former Vice President and African Democratic Congress (ADC) presidential candidate, Alhaji Atiku Abubakar, has said that Nigeria cannot achieve prosperity through borrowing, import dependence and increased taxation alone.
In a statement issued in Abuja by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the country must focus on producing what it consumes and exporting locally-made goods.
He blamed the current economic challenges on long-standing policies that encouraged consumption and importation at the expense of local production and industrial development.
”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,” he stated.
According to him, rising food prices and the high cost of imported raw materials show how vulnerable the economy has become.
He noted that manufacturers reportedly spent trillions of naira importing raw materials within six months, while weakening industrial activity continues to affect factory output and jobs.
Atiku called for an economy anchored on agriculture, manufacturing, solid minerals, technology and value addition, saying greater local production would create jobs, strengthen the naira and reduce dependence on imports.
The ADC candidate cited opportunities across the country, including cocoa processing in Ondo State, rice production in Kebbi, yam cultivation in Benue, tomato processing in Kano, pharmaceuticals in Aba and industrial manufacturing in Nnewi.
He recalled that the Olusegun Obasanjo administration, in which he served as Vice President, implemented market-oriented reforms that attracted private investment and contributed to economic growth.
To turn things around, Atiku proposed reduced import duties on industrial machinery not produced locally, affordable long-term credit for farmers and manufacturers, and improved electricity and fuel supply.
He also recommended exchange-rate stability, investment in transport and irrigation infrastructure, support for agro-processing and industrial clusters, and tax reforms aimed at encouraging production.