Political Firestorm: ADC Accuses Tinubu's Economic Policies for Uber's Controversial Exit

The African Democratic Congress (ADC) has vehemently criticized President Bola Ahmed Tinubu’s economic policies, asserting that they are transforming Nigeria into a “graveyard of businesses.” This stark assessment follows the high-profile exit of global ride-hailing giant Uber from the Nigerian market, alongside numerous other international and local companies either shutting down or significantly scaling back their operations.

In a statement released by ADC National Publicity Secretary, Mallam Bolaji Abdullahi, the party underscored a widening chasm between the government’s pronouncements of economic advancement and the harsh realities confronting businesses and ordinary Nigerians. Abdullahi noted that it was particularly perplexing that President Tinubu and his administration were celebrating a marginal 0.2 percentage-point improvement in GDP while the nation grappled with pervasive business closures, job losses, and an escalating poverty crisis.

The ADC argued that a mere 0.2% GDP growth cannot possibly justify the extreme hardships endured by Nigerians. The party highlighted the alarming fact that Nigeria’s poverty rate has snowballed to 63%, impacting an estimated 140 million citizens. The ADC directly challenged President Tinubu to explain the relevance of this marginal GDP growth to the millions who have sunk into poverty, to workers whose salaries have depreciated in value, to businesses struggling with exorbitant energy costs, and to families forced to compromise on the quantity and quality of their food.

The increasingly hostile operating environment for businesses, according to the ADC, is a direct consequence of soaring energy and transportation costs. The party pointed to an astonishing 1,700% increase in fuel prices since the removal of fuel subsidies and the devaluation of the naira as primary drivers of this economic distress. Uber’s departure after twelve years in Nigeria is presented as a stark reflection of these challenging conditions.

Further corroborating their claims, the ADC cited a report from the Manufacturers Association of Nigeria, which indicated that 767 manufacturing companies, including 20 iconic global brands, have ceased operations in Nigeria, with hundreds more facing severe distress since President Tinubu assumed office in 2024. The list of companies that have either shut down or scaled back operations includes prominent names such as Microsoft, Jumia, Bolt Food, Pick n Pay, Shoprite, GlaxoSmithKline (GSK), Sanofi-Aventis, Bayer AG, Procter & Gamble, Unilever, and PZ Cussons.

The ADC concluded that every business shutdown or exit represents a significant “vote of no confidence” in the Tinubu administration’s capacity to manage the economy. These closures not only deliver severe blows to the national economy but, more critically, lead to massive job losses and an intensification of poverty. The party asserted that the government’s celebration of negligible GDP shifts is starkly contradicted by the painful reality of Nigerians becoming poorer and hungrier, with many workers living in constant fear of their employers closing shop.

In response to these economic challenges, the ADC reiterated its presidential candidate, Alhaji Atiku Abubakar’s, proposed plan: the restoration of a targeted fuel subsidy. The party believes this measure would significantly reduce the cost of fuel, transportation, and production, thereby lowering the cost of living, enhancing business profitability, and fostering job creation across various sectors of the economy.