NEWS
‘Nigerians Can’t Eat GDP’ — Atiku Tears Into Tinubu’s Economic Record
Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the Federal Government’s claims that Nigeria’s economy is on the path to recovery, arguing that worsening hardship and the decline of the country’s manufacturing sector paint a different picture.
Atiku made the remarks in a statement issued on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu, accusing the Presidency of relying on “propaganda” and macroeconomic statistics that do not reflect the realities faced by ordinary Nigerians.
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According to the former vice president, the continued shutdown of manufacturing firms and the financial distress confronting many others are clear indications that the economy is deteriorating despite official claims of progress.
“A government cannot claim its economic policies are working when the country’s industrial sector is actively shutting down. Nations do not build prosperity by celebrating macroeconomic statistics while their factories close their gates,” the statement read.
Citing figures from the Manufacturers Association of Nigeria (MAN), Atiku said 767 manufacturing companies had shut down, while another 335 were operating under severe distress.
He also claimed that manufacturers were holding about ₦2.14 trillion worth of unsold finished goods, blaming the situation on the collapse in consumers’ purchasing power.
According to him, several multinational companies, including Procter & Gamble, GlaxoSmithKline, Sanofi and Kimberly-Clark, have either exited local manufacturing or shut down production in Nigeria, while some indigenous firms have also suspended operations.
Atiku further alleged that manufacturers spent approximately ₦1.1 trillion on diesel to power their factories due to unreliable electricity supply and rising energy costs.
“Factories do not shut down because the opposition writes press statements. Manufacturers do not accumulate trillions of naira in unsold goods because critics hold press conferences.
“They leave because the economic environment has become increasingly hostile to production, investment and enterprise,” he stated.
The ADC presidential candidate argued that while the Presidency continues to celebrate improvements in Gross Domestic Product (GDP), debt ratios and other macroeconomic indicators, millions of Nigerians are struggling with rising food prices, unemployment and declining purchasing power.
He questioned why poverty and food insecurity remain widespread if the government’s reforms are yielding the benefits being advertised.
“Governments are not elected to improve spreadsheets. They are elected to improve the lives of their people. Nigerians cannot eat GDP. They cannot cook with debt-to-GDP ratios. They cannot pay school fees with statistical projections,” Atiku said.
The former vice president also criticised the administration’s continued borrowing despite claims that government revenues had improved following the removal of petrol subsidy and reforms in tax administration.
He challenged the Federal Government to explain why borrowing remains at record levels if fiscal reforms have significantly strengthened public finances.
Atiku further accused the administration of failing to demonstrate how the gains from subsidy removal have translated into improved infrastructure, healthcare, education and social welfare, maintaining that Nigerians deserve to know where the promised dividends of the policy have gone after enduring record fuel prices, soaring transport costs and a sharp rise in the cost of living.
The statement came in response to the Presidency’s recent defence of President Bola Tinubu’s economic reforms, in which it argued that policies such as fuel subsidy removal and exchange-rate liberalisation had stabilised the economy and laid the foundation for long-term growth.
The much awaited Africa’s largest Initial Public Offering by the Dangote Petroleum Refinery and Petrochemicals (DPRP) has been formally flagged off on the Nigerian Exchange (NGX).
President and Chief Executive Officer, Dangote Industries Limited (DIL), Aliko Dangote, marked the commencement of the offer by ringing the opening bell at the NGX trading floor in Lagos on Monday.
The transaction marks a significant milestone for Nigeria’s capital market, as the DPRP becomes the first refinery in the Nigerian Exchange’s 66-year history to open its shares to public subscription.
READ ALSO: Dangote Refinery Opens Landmark IPO Today
The offer comprises 4.1 billion new ordinary shares priced at N525 per share, allowing investors to acquire an equity stake in Africa’s largest refinery.
Retail and institutional investors, as well as eligible investors across Africa, can participate in the public offer.
Investors can subscribe for a minimum of 10 shares, requiring an investment of N5,250 at the offer price.
The offer opened on Monday, September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms and conditions contained in the offer prospectus.
At the ceremony, Dangote highlighted that the public offer was part of a broader effort to expand public participation in owning his companies.
“We will lease every company that we operate,” he said.
The launch attracted prominent dignitaries, including Lagos State Governor Babajide Sanwo-Olu, members of the Dangote family and captains of industry.
The Securities and Exchange Commission (SEC) has warned prospective investors against fraudsters, fake platforms and unauthorised individuals seeking to take advantage of the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO).
The Commission issued the warning in a public notice dated Monday, September 14, 2026, following its approval for the IPO by Dangote Petroleum Refinery and Petrochemicals FZE to open to the public.
The SEC urged investors to exercise caution and ensure that all applications and payments relating to the IPO are made only through the officially designated and approved receiving agents, subscription channels and platforms.
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The Commission advised prospective investors to obtain information about the IPO only from the SEC’s official channels, the issuer’s official channels and other official channels established and approved for the offer.
It also urged investors to verify the authenticity of any website, platform or link before providing personal or financial information.
According to the SEC, investors should follow only the officially announced subscription or application process and IPO timetable and should “Avoid transferring funds to any person or entity claiming to receive applications/subscriptions outside the approved channels.”
The Commission further advised investors to verify that their chosen registered Capital Market Operator’s channels or platforms for the offer are duly authorised and approved.
The SEC also warned investors to “Avoid responding to unsolicited calls, WhatsApp messages, social media advertisements, emails or other channels/platforms that offer or guarantee allotments or preferential allocation.”
The regulator urged prospective subscribers to carefully read the approved Prospectus and understand the terms, conditions and risks associated with the investment before making any subscription.
SEC warns against fake IPO agents
The Commission stressed that the existence of an individual, company, digital platform or social media account does not, by itself, constitute approval or authorisation to receive applications or funds from investors in respect of the offer.
The SEC therefore advised prospective investors to contact SEC-registered stockbrokers, banks or registered Investment advisers for guidance before subscribing.
The Commission also urged the public to “VERIFY” the registration status of companies, entities, platforms or individuals offering investment opportunities before entering into any transaction with them.
Investors can verify the registration status of operators through the SEC’s dedicated portal for registered fintech operators or through the Commission’s Capital Market Operators platform.
The warning comes as the Dangote Petroleum Refinery and Petrochemicals IPO officially opens on Monday, September 14, 2026, following the Commission’s approval.
The Commission listed its contact details as +2342094621168-9 and [email protected], while its WhatsApp contact is 0916 772 3240.
The SEC urged investors to remain vigilant and rely only on verified and authorised channels throughout the IPO process.
Investor demand for the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) has reached a historic level, with subscription activity surging across digital investment channels.
Data released by the Nigerian Exchange (NGX) on its official X handle on Monday showed that total transaction volume had surpassed 402,634, pushing the total subscription value to ₦1,476,171,994,112, approximately ₦1.476 trillion.
The figures, displayed on the #NGXInvest command centre dashboard, highlight the strong appetite among investors for the landmark offering.
More details shortly.
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