The African Democratic Congress (ADC) has sharply criticised President Bola Ahmed Tinubu’s economic policies, calling Nigeria a “graveyard of businesses” after reports emerged that Uber is exiting the country after 12 years of operations. The opposition party linked the ride-hailing giant’s departure to broader struggles facing multinational companies, citing rising costs and an increasingly hostile business environment under the current administration. ADC leaders argue that despite official claims of economic recovery, Nigerians continue to face extreme hardship, with poverty rates soaring and living conditions deteriorating.
In a statement released on Thursday, Bolaji Abdullahi, National Publicity Secretary of the ADC, highlighted the growing disconnect between government narratives and ground realities. He pointed out that while the Federal Government celebrated a 0.2 percentage-point increase in GDP growth, this figure had not translated into tangible improvements for ordinary citizens. “Certainly, a 0.2% growth does not justify the extreme hardship that Nigerians are suffering,” the party stated, questioning the relevance of such statistics without evidence of better livelihoods.
The ADC revealed that Nigeria’s poverty rate has risen to 63 per cent, affecting approximately 140 million people. Workers are grappling with declining purchasing power, while businesses face mounting operational challenges due to high fuel prices and unreliable energy supply. The party attributed these issues to the removal of fuel subsidies and the devaluation of the naira, which it claims have driven fuel prices up by as much as 1,700 per cent.
Further reinforcing its argument, the ADC cited a report from the Manufacturers Association of Nigeria indicating that 767 manufacturing companies—many of them global brands—have either shut down or ceased operations in the country. Among those listed are Microsoft, Jumia, Bolt Food, Pick n Pay, Shoprite, GlaxoSmithKline, Sanofi-Aventis, Bayer AG, Procter & Gamble, Unilever, and PZ Cussons. Notably, GlaxoSmithKline ended its manufacturing operations in Nigeria after five decades, a move the ADC described as a significant blow to the nation’s industrial base.
“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,” the party declared. It warned that continued closures would deepen unemployment and further erode household incomes, especially when food and transportation costs remain unaffordable for most Nigerians. The ADC stressed that economic growth figures alone should not be used to measure policy success without considering their impact on real people’s lives.
As Nigeria grapples with mounting economic pressures, the ADC’s criticism underscores growing public concern over whether current policies are delivering sustainable development or merely short-term fiscal adjustments. The party’s stance reflects a broader call for transparency and accountability in how economic progress is measured and communicated to the public.
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