By Afolayan Sunday
The African Democratic Congress (ADC) has sharply criticized President Bola Ahmed Tinubu’s economic strategies, declaring that Nigeria has been transformed into a “graveyard of businesses” following the exit of global ride-hailing giant Uber.
In a hard-hitting statement released by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, the opposition party argued that Uber’s decision to wind down its 12-year operations in Nigeria reflects a deeply hostile economic climate.
The ADC stated that the continuous exit and scaling down of multinational companies and major brands serve as a direct “vote of no confidence” in the Tinubu administration’s capability to manage the macroeconomy.
This comes after Uber officially ceased its Nigerian operations, bringing a 12-year chapter to a close since its 2014 launch in Lagos.
Reacting, the opposition party attributed the wave of corporate departures to soaring energy costs, severe currency devaluation, and an astronomical rise in fuel prices.
“Certainly, a 0.2% growth does not justify the extreme hardship that Nigerians are suffering,” the party said.
“This is precisely why the ADC Presidential Candidate, Alhaji Atiku Abubakar, has proposed the restoration of a targeted fuel subsidy to bring down the cost of fuel, transportation and production,” it said.
The party also cited a Manufacturers Association of Nigeria report, which it said showed that 767 manufacturing companies, including 20 global brands, had shut down or ceased operations, with hundreds more distressed. It mentioned GSK, Microsoft, Jumia, Shoprite, Unilever and PZ Cussons among companies that had exited or scaled down operations.
Challenging the government’s claim that the economy had ‘turned the corner’, the ADC asked: “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 painful truth is that Tinubu has turned Nigeria into a graveyard of businesses. 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,” it added.
The ADC said the consequences went beyond corporate closures, warning that each exit meant lost jobs and greater poverty, while reiterating that its proposed fuel-production subsidy would reduce living costs, improve business profitability and create jobs.
