The African Democratic Congress, ADC, has accused President Bola Ahmed Tinubu’s administration of creating an increasingly difficult environment for businesses, describing Nigeria as a “graveyard of businesses” following the reported exit of global ride-hailing company Uber from the country.
The opposition party said Uber’s reported departure after 12 years of operations in Nigeria should be viewed alongside the shutdown, withdrawal or reduction of operations by several multinational companies. According to the ADC, the developments point to growing pressure on businesses despite the Federal Government’s claims that the economy is recovering.
In a statement issued on Thursday, ADC National Publicity Secretary Bolaji Abdullahi said there was a widening gap between the economic picture being presented by the government and the conditions experienced by businesses and ordinary Nigerians.
The party questioned the significance of a reported 0.2 percentage-point improvement in GDP growth, arguing that the increase had not translated into meaningful improvements in the daily lives of Nigerians. It maintained that economic expansion should be judged not only by headline growth figures but also by whether households and businesses are experiencing better economic conditions.
“Certainly, a 0.2% growth does not justify the extreme hardship that Nigerians are suffering,” the ADC said.
The opposition party also raised concerns over the country’s poverty situation, claiming that the poverty rate had reached 63 per cent, affecting an estimated 140 million people. It said Nigerian workers were dealing with declining purchasing power at the same time that businesses were facing higher costs of keeping their operations running.
Against that backdrop, the ADC challenged the Tinubu administration to demonstrate how the economic growth figures being cited by the government had translated into tangible benefits for ordinary citizens.
“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 said.
The party linked the reported Uber exit to the broader operating conditions confronting businesses in the country. It specifically pointed to rising energy and transportation costs, arguing that companies have increasingly struggled to remain sustainable as operating expenses continue to rise.
The ADC attributed much of the pressure to the removal of the fuel subsidy and the devaluation of the naira. According to the party, the changes contributed to a sharp rise in fuel prices, which it claimed had increased by as much as 1,700 per cent.
For businesses whose operations depend heavily on transportation, logistics and energy, the opposition party argued that such cost increases have created additional pressure. It said the resulting environment has made it increasingly difficult for companies to maintain operations while also dealing with the financial pressures affecting consumers.
The ADC further cited what it described as a Manufacturers Association of Nigeria report showing that 767 manufacturing companies, including 20 major global brands, had shut down or ceased operations in the country. It added that hundreds of other businesses were reportedly experiencing distress.
The party listed Microsoft, Jumia, Bolt Food, Pick n Pay, Shoprite, GlaxoSmithKline, Sanofi-Aventis, Bayer AG, Procter & Gamble, Unilever and PZ Cussons among companies it said had either shut down or scaled down their operations.
The ADC singled out GlaxoSmithKline, noting that the company ended its manufacturing operations in Nigeria after five decades. The party presented the development as another indication of the challenges facing businesses operating within the country’s current economic environment.
Its criticism was not limited to the individual companies involved. The opposition party argued that each business closure or withdrawal has wider consequences for employment, household income and economic activity.
“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 said.
The party warned that continued business closures could deepen unemployment and poverty, while also putting additional pressure on the purchasing power of Nigerians. In its assessment, the effect of companies leaving or reducing their operations extends beyond the businesses themselves because workers, suppliers, consumers and other parts of the economy are affected.
The ADC therefore argued that government should assess economic performance using measures that go beyond GDP growth. It said improvements in economic statistics would have limited meaning if households continued to struggle with basic expenses and businesses remained under pressure.
According to the opposition party, the impact of economic policies should also be assessed through household incomes, food affordability, transportation costs and employment opportunities. It maintained that these indicators provide a clearer picture of whether economic policies are improving living conditions for Nigerians.
The party’s criticism comes against the backdrop of the reported Uber departure, which it used as a central example in its assessment of Nigeria’s business environment. The ADC argued that the company’s exit after years of operating in the country should prompt questions about the conditions facing businesses and the ability of the economy to support sustainable commercial activity.
The opposition party maintained that the Federal Government’s presentation of economic recovery should be matched by evidence of improvement in the lives of Nigerians. It questioned whether reported growth could be considered sufficient when workers were losing purchasing power and companies were confronting significantly higher operating costs.
For the ADC, the reported withdrawal or reduction of multinational operations represents a broader economic concern rather than isolated corporate decisions. The party said the developments should be considered alongside rising costs, unemployment, poverty and pressure on household finances when evaluating the outcome of government economic policies.
The opposition party ultimately called attention to the difference between economic growth as measured by official figures and economic improvement as experienced by citizens. Its position is that a stronger GDP figure must eventually translate into better household purchasing power, more affordable necessities, sustainable businesses and greater employment opportunities.
The ADC’s statement therefore placed the reported Uber exit within a wider political argument over the direction of Nigeria’s economy under Tinubu, accusing the administration of failing to create conditions that businesses and citizens can navigate successfully while dismissing headline growth figures as inadequate evidence of economic recovery.
Tinubu Turning Nigeria Into ‘Graveyard of Businesses’, ADC Alleges
