The African Democratic Congress (ADC) has described the exit of global ride-hailing brand Uber from Nigeria, alongside the shutdown or scaling down of operations by several major international companies, as further evidence that President Bola Ahmed Tinubu's economic policies are turning Nigeria into a "graveyard of businesses."
In a statement on Thursday, ADC National Publicity Secretary, Mallam Bolaji Abdullahi, said the growing list of businesses shutting down, scaling back or leaving the country exposes the widening gap between the government's claims of economic progress and the reality confronting businesses and ordinary Nigerians. The party said it was particularly astonishing that President Tinubu and his government were celebrating a marginal 0.2 percentage-point improvement in GDP at a time when businesses are closing, jobs are disappearing and millions of Nigerians are sinking deeper into poverty.
"Certainly, a 0.2% growth does not justify the extreme hardship that Nigerians are suffering," the party said, arguing that while the Tinubu government celebrates a marginal improvement of 0.2 percentage points, Nigeria's poverty rate has snowballed to 63%, affecting an estimated 140 million Nigerians.
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The ADC also asked President Tinubu to explain 0.2% GDP growth to the 140 million Nigerians who have sunk into poverty since he came to power; the workers who have watched the value of their salaries disappear; businesses that have struggled with energy costs; and millions who have been forced to reduce the quantity and quality of food on their tables.
"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. They should tell us how much food their "GDP growth" has put on the tables. They should tell us which bill it has paid. If 0.2% is a mark of success in their books, President Tinubu and APC should tell us what they consider as failure," the ADC said.
The party said that Uber's exit after twelve years in Nigeria reflects the increasingly hostile operating environment confronting businesses, particularly the soaring cost of energy and transportation, with the price of fuel rising by as much as 1,700% following the removal of fuel subsidy and devaluation of the naira.
"This is precisely why the ADC Presidential Candidate, Alhaji Atiku Abubakar, has proposed the restoration of a targeted fuel subsidy to bring down the cost of fuel, transportation and production," the party said.
It also cited the Manufacturers Association of Nigeria's earlier report that 767 manufacturing companies, including 20 iconic global brands, have shut down or ceased operations in Nigeria, while hundreds more are distressed since President Tinubu assumed office in 2024. It listed among the companies that have shut down or scaled down operations in the country to include Microsoft, Jumia and Bolt Food, Pick n Pay, Shoprite, GlaxoSmithKline (GSK), Sanofi-Aventis, Bayer AG, Procter & Gamble, Unilever and PZ Cussons, among others.
"Therefore, when the President announces that Nigeria has turned the corner, we wonder which corner he is talking about. If indeed the economy is improving, or the slightest hope exists in the minds of those who run these businesses that this APC government can improve the economy, why are they closing shop and moving elsewhere?" ADC asked, citing the example of GlaxoSmithKline (GSK), which it said shut down manufacturing in Nigeria after 50 years.
"The painful truth is that Tinubu has turned Nigeria into a graveyard of businesses. 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. Each exit delivers a blow to the economy. But perhaps, more importantly, each one represents a massive loss of jobs and increased poverty.
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"Therefore, when the APC and its government celebrate even the most negligible shift in GDP numbers and flaunt that as evidence to show that things are getting better, they are immediately contradicted by the painful reality that Nigerians are getting poorer and hungrier. Those who had jobs yesterday are not sure how long it will take before their employers close shop, and those earning salaries are struggling even to transport themselves to work," the party concludes.
ADC reiterates that its presidential candidate's plan to subsidise the production costs of fuel to make it more affordable will bring down the cost of living, make businesses more profitable, and create jobs across sectors.
