Atiku Abubakar, in a statement released by his Senior Special Assistant on Public Communication, Phrank Shaibu, challenged the validity of the government’s claims regarding economic recovery. He argued that a government cannot authentically celebrate macroeconomic achievements while the industrial sector is in decline, emphasizing that nations do not achieve prosperity through mere statistical claims when their factories are shutting down.

The Presidency countered these assertions, claiming that the reforms implemented under the current administration are yielding positive outcomes, and rejected allegations of fiscal irresponsibility and mismanagement. However, Atiku highlighted alarming figures from the Manufacturers Association of Nigeria (MAN), indicating that manufacturers are currently holding ₦2.14 trillion worth of unsold finished goods. This situation, he stressed, is not due to a lack of market demand, but rather stems from the diminishing purchasing power of Nigerians for basic necessities.

He further pointed out that numerous multinational corporations, including Procter & Gamble, GlaxoSmithKline, Sanofi, and Kimberly-Clark, have either closed their local manufacturing operations or withdrawn entirely from Nigeria. Indigenous businesses, like Jubilee Syringe Manufacturing, have also been compelled to cease production. The burden of rising electricity tariffs, particularly for Band A customers, has caused local manufacturers to spend approximately ₦1.11 trillion on diesel alone to maintain factory operations, exacerbating their cost structure.

Atiku criticized the government’s defense of its Gross Domestic Product (GDP) growth figures, contending that such growth is meaningless if it does not correlate with affordable consumer prices, job stability, and operational industries. He elaborated that the closures of factories are not a result of political opposition or critical press releases; rather, they happen because the current economic climate is increasingly unfavorable for production, investment, and entrepreneurship.

He concluded by asserting that the true judgment of the administration’s economic performance will be reflected in the conditions of the factories, declaring that no amount of government propaganda can obscure the harsh realities faced by the industrial sector.