The African Democratic Congress (ADC) has criticised President Bola Ahmed Tinubu’s economic policies, describing Nigeria as a “graveyard of businesses” following Uber’s reported exit from the country.
The opposition party said the reported departure of the global ride-hailing company, alongside the shutdown or scaling down of operations by several multinational firms, was evidence of growing challenges in Nigeria’s business environment.
In a statement issued on Thursday, the ADC National Publicity Secretary, Bolaji Abdullahi, said the development exposed what the party described as a gap between the Federal Government’s claims of economic recovery and the realities faced by businesses and Nigerians.
The party questioned the celebration of a 0.2 percentage-point improvement in GDP growth, arguing that the figure had not translated into better living conditions for Nigerians.
“Certainly, a 0.2% growth does not justify the extreme hardship that Nigerians are suffering,” the ADC said.
It claimed that Nigeria’s poverty rate had risen to 63 per cent, affecting an estimated 140 million people, while workers continued to contend with declining purchasing power and businesses struggled with rising operating costs.
The party challenged the Tinubu administration to explain how the reported economic growth had improved the lives of ordinary Nigerians.
“When the President and his party say things are getting better, we expect them to tell us what has improved in the lives of Nigerians,” the statement said.
The ADC attributed Uber’s reported departure after 12 years of operations in Nigeria to what it described as an increasingly difficult business environment, particularly rising energy and transportation costs.
It blamed the removal of fuel subsidy and naira devaluation for a sharp increase in fuel prices, which it claimed had risen by as much as 1,700 per cent.
The ADC also cited a Manufacturers Association of Nigeria report which, it said, showed that 767 manufacturing companies, including 20 major global brands, had shut down or ceased operations in the country, while hundreds of others were reportedly distressed.
Among the companies it listed as having shut down or scaled down operations were Microsoft, Jumia, Bolt Food, Pick n Pay, Shoprite, GlaxoSmithKline, Sanofi-Aventis, Bayer AG, Procter & Gamble, Unilever and PZ Cussons.
The party particularly cited GlaxoSmithKline, saying the company ended its manufacturing operations in Nigeria after five decades.
“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 ADC said.
According to the opposition party, business closures would worsen unemployment and poverty while further reducing the purchasing power of Nigerians.
It argued that economic growth figures alone should not be used to measure the success of government policies without considering their impact on household incomes, food affordability, transportation costs and employment.