The African Democratic Congress (ADC) has said the reported exit of ride-hailing company, Uber, from Nigeria reflects what it described as an increasingly unfriendly business climate under President Bola Tinubu’s administration.
In a statement issued on Thursday, the party’s National Publicity Secretary, Bolaji Abdullahi, said Uber’s reported departure, alongside the closure or downsizing of several multinational firms, amounted to a “vote of no confidence” in the government’s economic policies.
The ADC argued that the development highlights a gap between official claims of economic improvement and the reality faced by businesses and ordinary Nigerians.
It questioned the significance of a reported 0.2 percentage-point improvement in economic growth amid business closures, job losses and rising living costs.
“Certainly, a 0.2 per cent growth does not justify the extreme hardship that Nigerians are suffering,” the party said, asking the government to explain how the growth had improved the lives of citizens.
According to the ADC, rising energy, transportation and production costs, partly linked to the removal of the petrol subsidy and the naira’s devaluation, have made it increasingly difficult for companies to operate.
The party said Uber’s reported exit after 12 years in Nigeria illustrates the difficult operating environment, noting that fuel prices have risen sharply since the current administration assumed office.
It also cited figures attributed to the Manufacturers Association of Nigeria, claiming that 767 manufacturing companies, including 20 major global brands, had shut down or ceased operations, while hundreds more were under distress.
The ADC 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 exited or reduced their Nigerian operations. It described GSK’s departure after five decades of local manufacturing as especially significant.
“When the President announces that Nigeria has turned the corner, we wonder which corner he is talking about,” the party said. “The painful truth is that Tinubu has turned Nigeria into a graveyard of businesses.”
The party added that every business closure means lost jobs, reduced investment and deeper poverty.
It linked the rising cost of living to its presidential candidate Atiku Abubakar’s proposal for a targeted fuel subsidy, which it said could reduce fuel, transportation and production costs.
The ADC argued that lower production costs would strengthen business profitability, encourage investment, create jobs and ease pressure on households.
The party urged the government to assess economic progress not only through GDP figures, but also through Nigerians’ purchasing power, employment opportunities and overall living conditions.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
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