Atiku Questions Nigeria’s Export Boom as ₦2.14tn Unsold Goods Pile Up
Former Vice President Atiku Abubakar has questioned the benefits of Nigeria’s rising exports and trade surplus, arguing that the country’s increasing shipment of raw materials has failed to translate into stronger purchasing power, industrial growth and improved living standards for Nigerians.
Atiku, in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, said Nigeria must look beyond headline export figures and focus on building an economy that processes its resources locally, strengthens manufacturing and creates jobs.
The former Vice President said raw-material exports rose from ₦1.86 trillion in the first half of 2025 to ₦3.84 trillion in the corresponding period of 2026.
He contrasted the increase with what he described as about ₦2.14 trillion worth of unsold manufactured goods, which he attributed to weak consumer demand, rising production costs and declining household purchasing power.
Atiku argued that exporting raw commodities while importing higher-value finished products prevents Nigeria from capturing more economic value from its natural and agricultural resources.
He cited cocoa, cotton, hides and minerals as examples of commodities that could generate greater employment and foreign exchange if more processing and manufacturing were carried out within Nigeria.
According to him, the challenge is not that Nigeria exports goods but that too much value is added to Nigerian resources outside the country.
He said Nigeria should increasingly export processed foods, textiles, leather products, pharmaceuticals, petrochemicals and other finished products instead of depending heavily on crude oil and raw commodities.
Atiku also linked the accumulation of unsold manufactured goods to pressures facing Nigerian households and businesses.
He argued that higher fuel, electricity, transportation and borrowing costs have increased expenses for manufacturers at the same time that consumers are struggling to afford locally produced goods.
The former Vice President acknowledged that a trade surplus could be positive for the economy but maintained that the composition of exports was equally important in determining whether increased trade translates into sustainable domestic prosperity.
Recent trade figures have similarly highlighted Nigeria’s continuing dependence on petroleum and commodity exports. Nigeria recorded a ₦12.60 trillion merchandise trade surplus in the second quarter of 2026, while crude oil and other petroleum products accounted for the overwhelming majority of export earnings.
Atiku said his proposed Economic Recovery Plan would prioritise affordable long-term financing, industrial clusters, agro-processing, mineral beneficiation and incentives for businesses that add value to Nigerian resources before export.
He also reiterated his proposal for a production-linked petroleum subsidy, under which government support would be tied to products refined domestically, verified production levels, local supply and measurable benefits to consumers.
Under the proposal, he said, operators would receive support only when they meet specified production and domestic supply conditions.
Atiku further proposed a $10 billion financing programme for young entrepreneurs and start-ups, particularly businesses operating around agriculture, manufacturing, processing, packaging, logistics, technology and distribution.
He maintained that expanding domestic processing could generate more jobs, increase foreign-exchange earnings and strengthen the naira through greater productive activity.
The comments deepen the economic policy debate ahead of the 2027 general election, with the opposition figure challenging the Tinubu administration’s interpretation of improving trade indicators and calling for greater emphasis on domestic value addition, manufacturing and household purchasing power.
