The African Democratic Congress (ADC) has slammed President Bola Ahmed Tinubu’s economic policies, branding Nigeria a “graveyard of businesses” in the wake of Uber’s reported exit from the country.
In a statement released on Thursday by its National Publicity Secretary, Bolaji Abdullahi, the opposition party pointed to the ride-hailing giant’s departure after 12 years, along with the shutdown or scaling back of operations by several multinational companies, as clear signs of a deteriorating business climate.
The ADC argued that these developments highlight a disconnect between the Federal Government’s claims of economic recovery and the harsh realities confronting businesses and ordinary Nigerians. It questioned the celebration of a mere 0.2 percentage-point rise in GDP growth, insisting the figure has not improved living conditions for citizens.
“Certainly, a 0.2% growth does not justify the extreme hardship that Nigerians are suffering,” the party stated. It claimed Nigeria’s poverty rate has climbed to 63 per cent, affecting around 140 million people, while workers face eroding purchasing power and businesses grapple with soaring operating costs.
The ADC challenged the Tinubu administration to specify exactly how the reported growth has bettered the lives of average Nigerians. “When the President and his party say things are getting better, we expect them to tell us what has improved in the lives of Nigerians,” the statement added.
The party linked Uber’s exit to an increasingly hostile business environment driven by rising energy and transportation costs. It blamed the removal of the fuel subsidy and the naira’s devaluation for a sharp surge in fuel prices—reportedly by as much as 1,700 per cent.
Citing a Manufacturers Association of Nigeria report, the ADC said 767 manufacturing companies, including 20 major global brands, have shut down or ceased operations, with hundreds more in distress. Companies listed as having closed or scaled down include Microsoft, Jumia, Bolt Food, Pick n Pay, Shoprite, GlaxoSmithKline, Sanofi-Aventis, Bayer AG, Procter & Gamble, Unilever, and PZ Cussons.
It particularly noted that GlaxoSmithKline ended its manufacturing operations in Nigeria after five decades.“Every business that shuts down or pulls out is a vote of no confidence in the Tinubu administration and its capacity to manage the economy,” the ADC declared. It warned that such closures will deepen unemployment and poverty while further weakening Nigerians’ purchasing power.
The party stressed that economic growth statistics alone cannot measure policy success without accounting for their real impact on household incomes, food affordability, transportation costs, and employment.
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