The African Democratic Congress (ADC) has blamed President Bola Ahmed Tinubu’s economic policies for the exit of global ride-hailing brand Uber from Nigeria, saying the country has become a “graveyard of businesses” under his administration.
In a press statement issued on Thursday, the opposition party argued that Uber’s departure after 12 years—alongside the shutdown or scaling down of operations by several other major international companies—represents a “vote of no confidence” in the President’s economic management.
The ADC dismissed the government’s recent celebration of a 0.2 percentage point improvement in GDP growth, stating that such marginal gains do not justify the “extreme hardship” facing Nigerians. The party noted that poverty rates have surged to 63%, affecting an estimated 140 million citizens since President Tinubu assumed office in 2024.
“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 read. “They should tell us how much food their ‘GDP growth’ has put on the tables. 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 attributed the worsening business climate to soaring energy and transportation costs, pointing to the removal of fuel subsidy and the devaluation of the naira—which it said has driven fuel prices up by as much as 1,700%. The party used the opportunity to tout its presidential candidate, Alhaji Atiku Abubakar’s, proposal to restore a targeted fuel subsidy to reduce production and transportation costs.
Citing a report from the Manufacturers Association of Nigeria, the ADC said at least 767 manufacturing companies—including 20 iconic global brands—have shut down or ceased operations since 2024. It listed Microsoft, Jumia, Bolt Food, Shoprite, GlaxoSmithKline (GSK), Sanofi-Aventis, Bayer AG, Procter & Gamble, Unilever, and PZ Cussons among those that have either exited or scaled down operations.
“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?” the party queried, citing the example of GSK, which shut down manufacturing in Nigeria after five decades.
The ADC concluded that every business exit delivers a blow to the economy and represents a massive loss of jobs and increased poverty, contradicting the government’s narrative of recovery.
“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 said.
The ADC reiterated that its candidate’s plan to subsidise fuel production costs would lower the cost of living, make businesses more profitable, and create jobs across sectors.
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