Atiku warns Nigeria can't industrialize as manufacturers spend half costs on energy
Atiku Abubakar says Nigeria cannot achieve meaningful industrial growth when manufacturers spend about half their operating costs on energy, with diesel at around N2,000/litre in industrial areas like Lagos, Kano, Aba and Nnewi. According to Manufacturers Association of Nigeria figures cited by Atiku, energy-related expenses now exceed 50% of operating costs, with manufacturers spending N1.34 trillion on alternative energy in 2025 and similar amounts in first half of 2026.
The ADC presidential candidate argues these high energy costs force manufacturers to either increase product prices, reduce production, lay off workers, or shut down entirely - consequences ordinary Nigerians face through higher prices, fewer jobs and lower household incomes. Atiku also criticized the Tinubu administration's proposed Vienna-listed bond arrangement, questioning why the government seeks new loans when it claims revenues have increased from fuel subsidy removal. He demanded full details of the bond's financial structure, borrowing cost, repayment terms and government exposure, insisting Nigerians deserve transparency on how existing revenues are being used before new borrowing occurs.
With manufacturers in key industrial hubs spending more on keeping factories running than on wages, materials or profits, will you adjust your household budget for expected price increases or hope for government intervention on energy costs?