ADC Blames Tinubu’s Economic Policies for Uber’s Exit from Nigeria
The African Democratic Congress (ADC) has strongly criticized President Bola Ahmed Tinubu's economic policies, labeling Nigeria a "graveyard of businesses" following Uber's exit and numerous other company shutdowns. The party highlighted soaring poverty rates and a hostile business environment, contrasting it with the government's celebration of marginal GDP growth. ADC advocates for a targeted fuel subsidy to alleviate economic hardship and stimulate growth.
The African Democratic Congress (ADC) has blamed President Bola Ahmed Tinubu’s economic policies for what it described as Nigeria’s increasingly difficult business environment, citing Uber’s decision to leave the country after 12 years of operations.
In a statement by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party argued that the exit of major businesses exposes a widening gap between the government’s claims of economic progress and the conditions facing companies and households. The ADC questioned the significance of marginal improvements in GDP growth when businesses are closing or scaling back operations and Nigerians continue to face rising living costs.
The party attributed the difficulties confronting businesses to soaring energy and transportation costs, as well as the impact of fuel subsidy removal and naira depreciation. It cited figures it attributed to the Manufacturers Association of Nigeria, claiming that 767 manufacturing companies, including 20 major global brands, have ceased operations or faced severe distress since Tinubu assumed office, while pointing to companies including Microsoft, Jumia, GlaxoSmithKline, Unilever and PZ Cussons as examples of businesses that have reduced their presence or operations in Nigeria.
The ADC argued that each business closure or exit represents lost jobs and economic opportunities, and challenged the government to explain how its reported economic gains are translating into improved living standards.
The party also criticized the government’s handling of petrol prices, pointing to the steep increase since subsidy removal as a major contributor to higher transportation and production costs. It reiterated the proposal of its presidential candidate, Atiku Abubakar, for a targeted and transparent fuel subsidy aimed at lowering energy and transportation costs without returning to the previous subsidy regime, which the party has criticized as opaque.
The ADC maintained that reducing these costs would ease pressure on households, improve business conditions and potentially support job creation, positioning the proposal as an alternative to the Tinubu administration’s current economic approach.