Atiku Alleges 767 Factories Shut Under Tinubu Administration

Atiku Alleges 767 Factories Shut Down Under Tinubu Administration

Atiku, who is the presidential candidate of the African Democratic Congress (ADC), stated that these industrial closures contradict federal government claims that economic reforms are improving the business environment and restoring growth. He argued that no government can credibly celebrate macroeconomic recovery while the productive base of the economy is grinding to a halt.

Industrial Decline and Unsold Inventory

Citing data from the Manufacturers Association of Nigeria (MAN), Atiku reported that manufacturers are currently holding approximately N2.14 trillion worth of unsold finished goods. He asserted that this accumulation is not due to a lack of demand, but because millions of Nigerians have lost the purchasing power required to buy basic necessities.

The former Vice President identified several multinational companies that have either exited local manufacturing operations or shut down, including:

• Procter & Gamble
• GlaxoSmithKline
• Sanofi
• Kimberly-Clark

He also noted that indigenous firms, specifically Jubilee Syringe Manufacturing, have been forced to suspend production. Atiku attributed these failures to high energy costs, multiple taxes, expensive logistics, rising electricity tariffs, and weak consumer demand.

Energy Costs and Infrastructure Challenges

The statement highlighted the severe impact of energy pricing on the industrial sector. Atiku claimed that local manufacturers spent approximately N1.11 trillion on diesel alone to maintain operations following a sharp rise in electricity tariffs for Band A customers.

He criticized the government’s approach to infrastructure, stating that businesses continue to spend heavily on alternative electricity sources. Atiku argued that infrastructure should be measured by its actual economic impact rather than the number of projects the government announces or commissions. He further questioned the administration’s borrowing policy, suggesting the focus should be on the economic value generated by borrowed funds rather than just the debt-to-GDP ratio.

Critique of Macroeconomic Data and Poverty

Atiku challenged the Presidency’s use of Gross Domestic Product (GDP) growth figures as evidence of progress. He argued that growth on paper is meaningless if it does not translate into stable jobs, affordable prices, and a functioning industry.

Referencing the International Monetary Fund’s (IMF) latest Article IV Consultation, Atiku stated that 63 percent of Nigerians now live below the national poverty line. Additionally, he noted that approximately 27 million Nigerians faced food insecurity in late 2025.

Political and Administrative Rebuttals

The allegations were made in response to a State House rebuttal and the Presidency’s defense of President Tinubu’s economic record, in which the administration rejected claims of fiscal recklessness and mismanagement of public finances. Responding to government references to the Obasanjo administration, Atiku noted that President Tinubu has been in office for more than three years and should not govern by looking in the rear-view mirror.

He recalled that during his tenure as Vice President under Obasanjo, the government carried out banking sector reforms and negotiated an $18 billion Paris Club debt relief deal. Atiku concluded that governments are judged by the problems they solve, not by the number of excuses they manufacture.

Separately, the ADC issued a statement through National Publicity Secretary Bolaji Abdullahi, challenging the ruling All Progressives Congress (APC) to address worsening insecurity, poverty, and the rising cost of living instead of focusing on Atiku Abubakar.